- This is Mohit Burman’s league-level investment in sports for the first time;
- Early investors such as Rattha Group, Angellist India and Jitendra Gupta follow-on in this new round;
- X1 Racing event in May 2019 at the Buddh International Circuit attracted an audience of more than 100 million;
The world’s first franchise-based professional motorsports venture – X1 Racing League has raised new funding from Dabur India’s Mohit Burman, LetsVenture, and a club of entrepreneurs, high-profile investors, and leaders from the banking sector. These include Anupam Mittal of People Group, Ashwin Jayaram of Safra J Sarasin, Pulkit Total and Raghunandan G of TaxiForSure. The new round also had early investors such as Angellist India, Jitendra Gupta, and the Rattha Group follow on.
The capital generated from the rounds of funding shall be utilized by the brand new Indian racing league for varied expansion plans. From expanding to e-sports to forging major international partnerships and to basically fund and manage the racing league operations.
This racing league is an initiative of India’s top racing professionals Aditya Patel and Armaan Ebrahim, in association with media and sports expert Ravi Krishnan, who also happens to be the newly inducted Chairman of the X1 Racing League. The League event is planned to commence from October 2019. This new league race in India will comprise a combo of street and track circuits. It shall attract participation from eight franchise teams from the Indian cities and each team will have two specially built cars and four race drivers, which will see one international woman driver per team.