New Delhi: EV startup RACEnergy on Friday stated it has raised a Seed+ funding spherical of USD 1.3 million.
Led by Micelio Fund and growX ventures, together with investments from Huddle, Prophetic Ventures, BITSian Angels, and different angel funding companies, the funds can be used to boost R&D, scale the corporate’s swapping know-how and infrastructure, and fulfill the pre-orders obtained in Hyderabad and surrounding Tier-II cities, the corporate stated in a press release.
Arun Sreyas, CEO and co-founder, RACEnergy, stated, “During the last three years, we have now targeted our efforts to develop essentially the most superior swapping know-how, engineered for Indian autos and roads. As a tech-first firm, the funds will allow us to make extra ergonomic and customised batteries, additional our linked cloud system, deploy the first-of-its-kind cooling system inside a battery pack, and speed up our manufacturing course of. It will assist scale our pilot packages to satisfy the rising EV demand.”
Sheetal Bahl, accomplice, growX ventures, stated, “”We’re completely happy to again RACE, but once more, on its path to turning into the pre-eminent battery swapping infrastructure creator in India. The corporate has made strong progress during the last couple of years and has remained sharply targeted on creating a proprietary know-how spine. It will now enable RACE to construct a superior and differentiated swapping community within the subsequent couple of years.”
As a technology-first firm, targeted on battery swapping, RACE gives an built-in resolution by taking the price of the battery out of the automobile and providing vitality as a service by way of a community of swapping stations. Drivers can merely swap their discharged batteries with charged ones inside 2 minutes, enabling them to function on highway for longer durations, stated the corporate.
To onboard autos to its platform, the corporate gives retrofit kits that convert present ICE auto-rickshaws into electrical, making it financial and scalable, it added.
Final yr the startup raised USD 500,000 throughout a seed spherical from growX ventures, early-stage investor Prophetic Ventures and different angels as a part of Huddle, India’s first EV accelerator.
The corporate showcased its first prototype in 2019 and goals to arrange India’s largest community of battery swapping infrastructure throughout varied cities, beginning with Hyderabad, the assertion stated.
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The freshly infused capital can be used for scaling up BatteryPool’s enterprise improvement efforts and including new fleet charging merchandise to its portfolio, the corporate stated.
The corporate has developed a battery for EVs and an automatic course of for shortly swapping out depleted batteries for newly charged packs, in accordance with founders Khaled Hassounah and John de Souza.
