Hyderabad: RACEnergy, a deep-tech battery swapping firm, has stated that it has raised USD 3 million in a pre-series A spherical as a mixture of debt and fairness. The funding spherical was led by developx Ventures with participation from buyers like Micelio Mobility, Huddle, and different angel buyers, earlier this 12 months.
With USD 6 million raised up to now, together with this increase of USD 3 million, RACEnergy is dedicated to growing its battery-swapping know-how and constructing new amenities to assist its rising operations. RACEnergy’s swappable battery know-how not too long ago cleared the AIS-156 Section 2 certification.
“We’re humbled by our buyers’ confidence in our know-how and its potential to drive the adoption of electrical mobility throughout India. The capital will allow our enlargement to new markets and additional develop our swapping know-how for two-and-three wheelers. It’ll additionally assist scale our operations with a brand new facility within the pipeline,” Arun Sreyas, co-founder of RACEnergy, stated.
“As one of many first buyers in RACEnergy, we’re completely impressed by RACEnergy’s experience in deep-tech, their distinctive in-house battery pack and swapping station developments. With the current clearance of AIS-156 Section 2 certification and their profitable business pilot that recorded a formidable 3 million inexperienced km, we’re optimistic about their potential for exponential progress” Sheetal Bahl, Companion at developx Ventures, stated.
