X1 Racing League gets more explosive! IPL of motorsports finds new investors, funding led by Dabur promoter, LetsVenture
The 'IPL of motorsports' i.e. X1 Racing League, world’s first professional motorsports league, has just got more explosive! The league has raised extra funding which is 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 Jayaracm of Safra J Sarasin. Noteworthy, this is Mohit Burman’s first league-level investment in sports.
The round also saw early investors Jitendra Gupta, Angellist India and the Rattha Group.
The league intends to use the capital to fund operations, expand into esports and establish key international partnerships, confirms an official statement. The league management said, "We had a lot of interest from investors in the last 12 months and we believe we've carefully chosen strategic partners who will add long-term value in our journey."
Xi Racing League is the brainchild of India’s top international car racers Armaan Ebrahim and Aditya Patel, along with their newly appointed Chairman, sports veteran Ravi Krishnan. Racing Promotions Pvt Ltd was founded by Aditya Patel and Armaan Ebrahim to launch the Xtreme1 (X1) Racing League and promote motorsports in India. Both are former race champions and currently representing India on the international stage.
The X1 Racing League is scheduled to be held from October 2019. The race will be a mix of track and street circuits and will see eight (8) city-based franchise teams, each comprising of 2 custom-made cars and 4 drivers including 1 international woman driver per team.