Indian battery-swapping firm races ahead with $3m funding

Racenergy founders Gautham Maheswaran (left) and Arun Sreyas / Photo credit: Racenergy

India-based Racenergy, a startup providing battery-swapping services, has raised US$3 million in a round led by GrowX Ventures and joined by Micelio Mobility, Huddle, and a group of angel investors.

The fresh fundraise, which was a mix of debt and equity, brings the total funds raised by Racenergy to US$6 million, according to the company. It will use the funds to develop its battery-swapping tech and expand its operations.

Funding details

• Funding amount: $3,000,000
• Lead investor: GrowX Ventures
• Other investors: Micelio, Huddle
• Stage: Pre-series A
• Source

“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 co-founder Arun Sreyas.

Launched in 2019, Racenergy sees 500 battery swaps across its network each day. Through its services, it aims to address common pain points in the electric mobility space such as high vehicle costs, long charging times, and range anxiety.

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