RACEnergy- which builds electric vehicles and supporting infrastructure and powertrains those are affordable, convenient, safe has secured investment from Growx Ventures and early-stage investor Prophetic Ventures.

Founded by Arun Sreyas and Gautham Maheswaran, the company is working to power the future of mobility through clean and efficient technologies. It also raised fund an undisclosed amount from angel investor Ananth Nakirikanti and Sidhartha Namburi. The entire concept of the company was ideated

by them to redefine the Indian eMobility landscape.

However, Sreyas is an alumnus of the Birla Institute of Technology and Science-Pilani and has worked with entities such as ID Energy and Johnson Controls. Maheswaran is also a BITS-Pilani graduate and has gained immense expertise by working with firms like Dr.Reddy’s Laboratories.

The funding portrays the population’s interest in the electric mobility and related segments. The segment has received a lot of positive policies with the central government has taken steps to attract both companies and end-consumers.

Moreover, the government claimed to provide an income-tax deduction of Rs 1.5 lakh on the interest paid on loans taken to buy electric vehicles and reduce customs duty on certain parts.

With all this support, the company is also building swapping stations that help drivers replenish their range in under 2 minutes. RACEnergy is part of Huddle’s EV Accelerator Program, which was set up along with GrowX Ventures. It will use the capital for product development and conducting pilot projects, Sreyas told VCCircle.