RACEnergy Raises Additional Funding From GrowX Ventures And Existing Angels

14th October, 2020: RACEnergy raises further investment from growX ventures and existing angels as it gears up towards the launch of its products.   

RACEnergy, founded in 2018 by Arun Sreyas and Gautham Maheswaran, alumni of BITS Pilani are building a battery swapping network for 3-wheelers. RACEnergy, accelerated by Gurgaon based, Huddle and part of Huddle’s focus on the Electric Vehicles ecosystem, previously raised in December, 2019 from investors including growX ventures, Prophetic Ventures, angel investors Ananth Nakirikanti and Sidhartha Namburi, bringing together strengths in emerging technologies, automotive and energy space. 

Battery swapping technology means drivers don’t need to wait for hours to charge their batteries but instead, they simply swap the discharged batteries with fully charged ones. Additionally, they don’t need to buy the batteries upfront, which reduces the cost of adoption tremendously. Once on RACEnergy’s platform, the drivers’ operating expenditure drops by 40%. Auto-rickshaw drivers can also adopt RACEnergy’s electric powertrain solution for just Rs. 50,000. 

Commenting on the investment, Sheetal Bahl, Partner at growX ventures said, "RACE has made meaningful progress since our first, pre-accelerator investment 10 months ago despite the Covid-led lockdown setback. We continue to believe in the idea of a pan-India battery swapping infrastructure for smaller vehicles, and believe RACE is well-poised to create a leading network with it's early-mover advantage and focus on creating demand in parallel to their supply-side solution. We are happy to reinvest, and look forward to being part of RACE's success.”

Commenting on their plans, RACEnergy, co-founder, Arun Sreyas stated, “We’re currently conducting pilots with our vehicles and swapping stations, and will be launching in early 2021 with plans of expanding into multiple cities. We are working with a couple of OEMs to bring out 3-wheelers on our proprietary swapping platform. Our intent is to rapidly spread our network of swapping stations and be one of the major battery swapping platforms that will serve a multitude of segments. 

We design, build and test all our products under one roof. This helps us achieve much faster product iterations. With a couple of patents already to our name and many more in the pipeline, we are bringing out products that have superior performance than those in the market with strong focus on enhanced product safety. ”