Electric vehicle infrastructure startup RACEnergy has raised $1.3 million in its seed+ round led by Micelio Fund and growX ventures. Huddle, Prophetic Ventures, BITSian Angels and others have also participated in the round.
According to Hyderabad-based RACEnergy, the fresh capital will be used to enhance its R&D, scale the company’s swapping technology and infrastructure, and fulfil the pre-orders received in Hyderabad and surrounding tier-II cities.
Founded by Arun Sreyas Reddy and Gautham Maheswaran, RACEnergy focused on battery swapping, providing an integrated solution by taking the cost of battery out of the vehicle and offering energy as a service through a network of its swapping stations. It also provides retrofit kits that convert existing ICE auto-rickshaw into electric, making it economical and scalable.
The company claims that drivers can swap their discharged batteries with charged ones within two minutes, enabling them to operate on-road for longer durations.
RACEnergy is a part of Huddle’s EV accelerator program, which was set up along with growX ventures. Early last year it had $500k in its seed round led by growX ventures, Prophetic ventures and other angels.