City firm raises $1.3 million
The Hindu
RACEnergy designs, manufactures battery swapping stations and swappable batteries
Electric vehicle infrastructure company RACEnergy on Thursday said that it has raised $1.3 million. A seed plus round, the funding was led by Micelio Fund and growX ventures along with investments from Huddle, Prophetic Ventures, BITSian Angels and other angel investment firms. The Hyderabad-based firm, which primarily designs and manufactures battery swapping stations and swappable batteries, said that it intends to utilise the fund to enhance research and development activities, scale its swapping technology and infrastructure and fulfil the pre-orders received in Hyderabad and surrounding tier-II cities.
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