RACEnergy, a deep-tech battery swapping company, announced today that it has raised $3 million in a pre-series A round as a mix of debt and equity led by growx Ventures with participation from investors like Micelio Mobility, Huddle, and other angel investors.
With $6 million raised so far, the start-up is committed to developing its battery-swapping technology and building new facilities to support its growing operations.
Also Read: A Conversation With RACEnergy's Arun Sreyas
Arun Sreyas, Co-Founder, RACEnergy, said, '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.”
Sheetal Bahl, Partner, Growx Ventures, added, 'With the recent clearance of AIS-156 Phase 2 certification and their successful commercial pilot that recorded an impressive three million green km, we are optimistic about their potential for exponential growth.'