Professional motor sports league X1 Racing, scheduled for October, raises another round of funds

X1 Racing League, a professional motor sports league, has raised further funding led by LetsVenture, Mohit Burman and a consortium of high-profile investors, entrepreneurs and leaders from banking, including Anupam Mittal of People Group, Raghunandan G of TaxiForSure, Pulkit Total and Ashwin Jayaram of Safra J Sarasin.

The round also saw early investors Jitendra Gupta, AngelList India and the Rattha Group follow on.

The league intends to use the capital to fund league operations, expand into e-sports and establish key international partnerships.

The brainchild of India’s international car racers, Armaan Ebrahim and Aditya Patel, along with their newly-appointed chairman, sports veteran Ravi Krishnan, the X1 Racing League is scheduled to be held from October 2019.

Patel and Ebrahim founded Racing Promotions Pvt Ltd to launch the Xtreme1 (X1) Racing League and promote motor sports in India.

The race will be a mix of track and street circuits and will see eight city-based franchise teams, each comprising two custom-made cars and four drivers, including one international woman driver per team.

Last year, the league had closed investments from a consortium of Rattha Group from Chennai, Mumbai-based White Unicorn Ventures, Jitendra Gupta of PayU and an AngelList India consortium, which included Kunal Shah of Freecharge.

Last year, X1 Racing League had announced investments to the tune of Rs 100 crore during next three years to promote motor racing. White Unicorn Ventures Principal Founder Rohit Chokhani had said the League is well-positioned for a global reach and would make India a favourite destination for motor sports.