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X1 Racing League proposes investment of Rs 100 crore over next three years

June 22, 2018, 09:30 AM IST by Nikhil Puthran
X1 Racing League proposes investment of Rs 100 crore over next three years

- Proposed investment of over Rs 100 crore over next three years
- Focus on development of the league and promotion of motorsports
- Excludes the investment in Research and Development, technology, street circuit infrastructure and safety equipment

The world’s first city-based motorsports league, the X1 Racing League is expected to begin in first quarter of 2019. The Xtreme1 Racing League or X1 Racing League will be held in a mix of track and street circuits. This time around, the X1 Racing League has proposed to invest over Rs 100 crore towards the development of the league and promotion of motorsports over the next three years. This however excludes the investment in Research and Development, technology, street circuit infrastructure and safety equipment.

A consortium of the Rattha Group from Chennai, Mumbai based White Unicorn Ventures, AngelList India LLP from Delhi, Jitendra Gupta of PayU and ex-founder of FreeCharge Kunal Shah, have come together to invest in the recently launched Xtreme1 Racing League or X1 Racing League with a long-term vision in mind and for the promotion of motorsports in the county. Furthermore, institutional investors like the Rattha Group, White Unicorn and AngelList have taken a long position on the League giving the founders freedom to invest in Research and development that includes development of electric engines and hi-tech integrations, and assets like cars, engines, safety equipment and circuit infrastructure.

The X1 Racing League is expected to have a marketing budget of Rs 25-30 crore to penetrate across all markets and capture a wide TG spectrum. Investors for the Racing League are backing the long-term vision of the league to rival the likes of Formula 1 and Formula E with a franchise-based model and unique race formats.

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