New Delhi | 30th January 2020: RACEnergy is a start-up in the electric vehicle domain based out of Hyderabad. They have raised their seed round from growX ventures, Prophetic Ventures and other prominent angels from the energy industry, as part of Huddle’s EV Accelerator Program, India’s first accelerator program for EV specific start-ups. As part of the acceleration program, the team will work closely with key stakeholders in the Huddle network to build on strategy and the execution roadmap to bring the RACEnergy model to market.
The start-up was founded in 2018 by Arun Sreyas and Gautham Maheswaran, who are alumni of BITS Pilani. They were part of the Formula SAE and BAJA teams of their university and have developed and built several race cars in the past.
RACEnergy develops cost efficient battery swapping stations and swappable batteries for use in three-wheelers. They also build high performance powertrains for use in these vehicles. Expressing the team’s motive, Arun Sreyas, Co-Founder of RACEnergy, stated, “We wanted to create a holistic solution to the chicken-or-egg problem that Indian EV market faces. We thoroughly studied the market and spoke to over 500 drivers to arrive at our solution. With our strong core team and deep understanding on end user expectations, we are engineering our products to achieve the required performance while keeping them affordable and convenient to adopt and operate”.
Supporting their vision, Ishaan Khosla, Co-Founder & Partner at Huddle, stated, “With the EV ecosystem in India being in its nascent stages, it’s challenging yet exciting to develop innovative India-specific solutions. We’re pumped to work closely with RACEnergy to make mass EV adoption a reality in the 3-wheeler segment.” Sheetal Bahl, Partner at growX ventures, added, “We like the team, and the approach they are taking to create the market for EVs – creating demand and supply hand-in-hand, and in a sharply defined segment as a precursor to a broader expansion. growX is glad to be part of this journey.”
