RACEnergy, which is an electronic mobility startup, has now secured an undisclosed amount of funding in the seed round led by the growX ventures, Prophetic Ventures, and some other prominent angels from the energy industry.
The company which is founded by the BITS Pilani Alumni, Gautham, Arun, in the year 2018. It develops cost-efficient battery swapping stations and swappable batteries for use in three-wheelers. The startup also builds a high-performance powertrains for use in these vehicles.
Explaining about the startup, Arun Sreyas, Co-founder of RACEnergy, said,
“We wanted to create a holistic solution to the chicken-or-egg problem that Indian EV market faces. We thoroughly studied the market and spoke to over 500 drivers to arrive at our solution. With our strong core team and deep understanding of end-user expectations, we are engineering our products to achieve the required performance while keeping them affordable and convenient to adopt and operate”.
Supporting the vision, Ishaan Khosla, Co-founder and Partner at Huddle, stated,
“With the EV ecosystem in India being in its nascent stages, it’s challenging yet exciting to develop innovative India-specific solutions. We’re pumped to work closely with RACEnergy to make mass EV adoption a reality in the three-wheeler segment.”