# Racenergy

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/racenergy

- Industry: Energy Storage & Batteries
- Headquarters: Hyderabad, India
- Website: www.racenergy.in
- Total disclosed funding: $1.4M
- Latest round: Seed (Jul 13, 2021)
- Investors on record: 6

## About

Racenergy is an innovative company specializing in modular swappable battery technology for electric vehicles, enhancing the efficiency and convenience of EV usage through rapid battery exchanges.Founded in 2018 by Arun Reddy and Gautham Maheswaran in Hyderabad, India, Racenergy focuses on developing battery swapping solutions for electric vehicles. The company has successfully completed 6 deals, with its latest funding round occurring on May 9, 2023, raising USD 3.00 mn in a funding round led by GrowX Ventures, supported by investors including Micelio Mobility Private Limited and Huddle, Inc.Racenergy specializes in modular swappable battery technology intended for electric vehicles (EVs). Their primary offering is a high energy density Lithium-ion battery that allows users to replace depleted batteries with fully charged ones in under five minutes. This technology effectively mitigates the lengthy charging times of conventional EVs, catering to a diverse clientele including individual EV users and fleet operators. Their products are targeted at urban areas, mainly in India, with plans for expansion into international markets.In the most recent year, Racenergy reported revenue of USD 334,846.90 with an EBITDA of USD -618,084.90. The company's revenue model is based on partnerships and franchise agreements for deploying battery swapping stations, with additional income from direct sales to businesses utilizing their battery systems.In May 2023, Racenergy secured USD 3.00 mn in pre-Series A funding led by GrowX Ventures to support its expansion into new markets and the development of its battery swapping technology for two- and three-wheel vehicles. The funding will aid in scaling operations through the establishment of a new facility, enabling Racenergy to enhance its service offerings and market reach.

## Funding rounds

- Seed, Jul 13, 2021, $1.1M — BITS Spark Angels, GrowX Ventures, Prophetic Ventures, Huddle Ventures, Micelio
- Seed, Nov 26, 2019, $0.3M — GrowX Ventures, XPanse Services LLP, Prophetic Ventures

## Investors

- GrowX Ventures (https://capitalatlas.ai/funds/growx-ventures) — Seed
- XPanse Services LLP — Seed
- Prophetic Ventures (https://capitalatlas.ai/funds/prophetic-ventures) — Seed
- BITS Spark Angels — Seed
- Huddle Ventures — Seed
- Micelio (https://capitalatlas.ai/funds/micelio) — Seed