Private Equity VC Fund Investments
EV infra firm RACEnergy raises $1.3 M from Micelio Fund, growX ventures, others
Hyderabad-based EV infra maker RACEnergy has raised USD 1.3 million in a round led by Micelio Fund and growX ventures. The financing round also saw the participation of investors like Huddle, Prophetic Ventures and BITSian Angels.
The fresh funds will be deployed to enhance R&D, scale the company's swapping technology and infrastructure, and fulfill the pre-orders received in Hyderabad and surrounding tier-II cities.
Founded in 2018 by BITS-Pilani graduates Arun Shreyas and Gautham Maheswaran, the Hyderabad-based firm is currently building a battery swapping network for three-wheelers.
Company website ↗ (opens in a new tab)
From the Venture Intelligence PE-VC Deal Database: In Jan-20, RACEnergy raised around $1-M from Growx Ventures and others. (Subscribers to the database can login to view the valuation, deal structuring and other transaction details.)