RACEnergy, an India-based firm that provides battery switching services, has raised $3 million in a round headed by GrowX Ventures and co-invested in by Micelio Mobility, Huddle, and a group of angel investors.
According to the company, the new fundraise, which was a mix of debt and equity, increases RACEnergy's total capital raised to US$6 million. It plans to use the funding to further improve its battery-swapping technology and expand its operations.
"The funding will allow us to enter new markets and further develop our swapping technology for two- and three-wheelers." With a new facility on the way, it will also help us scale our operations," said co-founder Arun Sreyas.
RACEnergy, which was founded in 2019, sees 500 battery changes every day across its network. It intends to address common pain points in the electric mobility industry through its services, such as high vehicle pricing, long charging periods, and range anxiety.
