RACEnergy based out of Hyderabad, a company that specializes in deep-tech battery exchanges, has raised $3 million as part of a pre-series-A round. The money was raised through a combination between debt and equity. The funding round, which was earlier this year, was led by growx ventures, with investors such as Micelio Mobility and Huddle.
The start-up raised $6 million to help build new battery-swapping technologies and facilities for its expanding operations. RACEnergy has just received AIS-156 phase 2 certification for its swappable batteries.
Arun Sreyas is the co-founder of RACEnergy. He said, “The capital we receive will allow us to expand into new markets, and develop our swapping technologies for two-and three-wheelers. The capital will help us scale up our operations, as we have a new facility on the horizon.”
Partner at growx Ventures, Sheetal Bahl said, “As a first investor in RACEnergy we were impressed by their deep-tech expertise, as well as the exceptional battery packs and swapping stations they developed in-house. We are confident about RACEnergy’s potential growth, especially with the recent approval of AIS-156 phase 2 certification and its successful commercial pilot which recorded an impressive three million green km.”
RACEnergy was founded in 2019 and focuses on developing cutting-edge technology internally. The approach of the start-up to electric mobility tackles critical challenges, such as high vehicle costs, long charging times and range anxiety. Over 500 swaps are made on the network every day and 3 million kilometers have been clocked by this start-up.
