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 likewise participated in the round.
As indicated by Hyderabad-based RACEnergy, the fresh capital will be used to enhance its R&D, scale the organization’s trading technology and infrastructure, and satisfy the pre-orders received in Hyderabad and encompassing tier-II cities.
Founded by Arun Sreyas Reddy and Gautham Maheswaran, RACEnergy focused on battery trading, giving an integrated arrangement by removing the expense of battery from the vehicle and offering energy as a service through a network of its trading stations. It additionally provides retrofit packs that convert existing ICE auto-cart into electric, making it economical and scalable.
The organization guarantees that drivers can trade their discharged batteries with charged ones inside two minutes, enabling them to operate on-street for longer terms.
RACEnergy is a piece of Huddle’s EV accelerator program, which was set up alongside growX ventures. Early last year it had $500k in its seed round led by growX ventures, Prophetic ventures and other angels.
