RACEnergy Secures $3 Million In Equity & Debt; Eyes New Facility

Deep-tech battery swapping startup, RACEnergy has raised $3 million in a pre-series A round as a mix of debt and equity. The funding round was led by growx Ventures with participation from investors like Micelio Mobility, Huddle, and other angel investors, earlier this year.

With $6 million raised so far, including this raise of $3 million, RACEnergy is committed to developing its battery-swapping technology and building new facilities to support its growing operations. 

"The capital will enable our expansion to new markets and further develop our swapping technology for two-and-three wheelers. It will also help scale our operations with a new facility in the pipeline,” said Arun Sreyas, Co-Founder of RACEnergy.

Since its inception in 2019, RACEnergy has a track record of completing 3 million green kilometres and enabling 500 swaps on its network daily.

RACEnergy’s swappable battery technology has recently also cleared the AIS-156 Phase 2 certification.