Energy Tech Seed Founded 2019

RACE

📍 Hyderabad, India · Electric Vehicles,

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Funding snapshot

Last roundSeed

Amount$5M

Date1 January 2025

Total raised$5M

Valuation15,329,619 (Apr 30, 2024)

Team size23

About

RACE provides battery swapping and electric vehicle infrastructure solutions, offering modular swappable battery systems designed for EVs. The platform supports rapid energy exchange through a distributed swap network, enabling continuous vehicle operation with reduced downtime compared to traditional charging methods. The company also provides supporting ecosystem services including swap station deployment, fleet integration, franchise models, and investment participation in clean mobility infrastructure. Founded in 2019 and headquartered in Hyderabad, India, RACE has raised approximately $5.3M in Seed funding from investors including Micelio, GrowX Ventures, Huddle Ventures, Merak Ventures, and Naandi Ventures. The company addresses the charging infrastructure gap for electric two-wheelers and three-wheelers in India by enabling battery swapping in minutes rather than hours, particularly suited for commercial fleet operators and ride-hailing drivers who cannot afford extended charging downtime.

Business model

Electric Vehicles > Charging Solutions > Automatic Battery Swapping System,

Energy Storage Tech > Charging > Automatic EV Battery Swapping System

Team background

College Wise > BITS Pilani

Institutional investors

Micelio Prophetic Ventures Huddle Ventures Wellfound GrowX Ventures growX ventures Rntbci T-Hub Wealth360 Advisors Buildersdeckinffratechresources Yerram Foods Angel List Naandi Ventures FalconX Merak Ventures