RACEnergy, a Hyderabad-based electric vehicle infrastructure startup, has raised a seed+ round of $1.3 Million led by Micelio Fund and growX ventures.

The funding round also saw participation from Huddle, BITSian Angels, Prophetic Ventures, and other angel investment firms.

As per the startup, the funds will be used to enhance R&D, scale the company’s swapping technology and infrastructure. The startup will also use the amount to fulfil the pre-orders received in Hyderabad and surrounding Tier-II cities.

RACEnergy | Powering The Future Of Mobility

Started by Arun Sreyas and Gautham Maheswaran, RACEnergy is a Hyderabad-based electric vehicle infrastructure startup focused on battery swapping. The startup provides an integrated solution by taking the cost of the battery out of the vehicle and offering energy as a service through a network of swapping stations.

RACEnergy lets drivers swap their discharged batteries with charged ones within two minutes, enabling them to operate on-road for longer durations.

Speaking on the development, Arun Sreyas, CEO and Co-founder at RACEnergy, said,

“Over the last three years, we have focused our efforts to develop the most advanced swapping technology, engineered for Indian vehicles and roads. As a tech-first company, the funds will enable us to make more ergonomic and customised batteries, further our connected cloud system, deploy the first-of-its-kind cooling system inside a battery pack, and accelerate our production process. This will help scale our pilot programs to meet the growing EV demand.”

Working to power the future of mobility through clean and efficient technologies, RACEnergy provides retrofit kits that convert existing ICE auto-rickshaws into electric, making them economical and scalable.

The Hyderabad-based electric vehicle infrastructure startup showcased its first prototype in 2019. RACEnergy aims to set up India’s largest network of battery swapping infrastructure across various cities, starting with Hyderabad.

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