X1 Racing League, in which ex-CEO of FreeCharge Kunal Shah and Jitendra Gupta of PayU are investors, today said it proposes to invest over Rs 100 crore in the next three years to promote motor racing.
The race will be a mix of track and street circuits and will see eight city-based franchise teams, each comprising of 2 custom-made cars and 4 drivers.
The investors comprise -- Rattha Group from Chennai, Mumbai-based White Unicorn Ventures, AngelList India LLP from Delhi, Jitendra Gupta of PayU and ex-CEO of FreeCharge Kunal Shah.
"X1 Racing League is well-positioned for high-growth and scale. The long-term success will hinge on the broadcast rights and distribution platforms, and the reach...," Shah said in a statement.
He added that the investors are confident with the innovations in product, packaging and the marketing strategy that has been mapped out, the media valuations would show right after the first edition, he added.
White Unicorn Ventures Principal Founder Rohit Chokhani said the League is well-positioned for a global reach and make India a favourite destination for motorsports.
Aditya Patel and Armaan Ebrahim founded Racing Promotions Pvt Ltd to launch the Xtreme1 (X1) Racing League and promote motorsports in India.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)