Hyderabad-based RACEnergy, a deep-tech battery swapping company has raised $3 million (Rs 25 crore) in a pre-series A round as a mix of debt and equity. The funding round was led by growx Ventures with participation from investors like Micelio Mobility, Huddle, and other angel investors, earlier this year.
With this, the start-up has raised a total of $6 million (Rs 50 crore), which will help it build battery-swapping technology and new facilities to support its growing operations. RACEnergy’s swappable battery technology has recently cleared the AIS-156 Phase 2 certification.
Arun Sreyas, Co-Founder, RACEnergy said, “The capital will enable our expansion to new markets and further develop our swapping technology for two-and-three wheelers. It will also help scale our operations with a new facility in the pipeline.”
Sheetal Bahl, Partner at growx Ventures said, “As one of the first investors in RACEnergy, we are thoroughly impressed by RACEnergy’s expertise in deep-tech, their exceptional in-house battery pack and swapping station developments. With the recent clearance of AIS-156 Phase 2 certification and their successful commercial pilot that recorded an impressive 3 million green kms, we are optimistic about their potential for exponential growth.”
Incepted in 2019, RACEnergy is focusing on developing cutting-edge technology in-house. The start-up’s approach to electric mobility addresses critical challenges such as the high cost of vehicles, long-charging times, and range anxiety. The start-up is currently seeing over 500 swaps on its network daily and clocked 3 million kilometres.
