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The X1 Racing League, a custom-made two-seater sports car racing league, proposes to invest about Rs 100 crore in the next three years for the development and promotion of the sport. This excludes investments in R&D, technology, street circuit infrastructure and safety equipment.
A consortium comprising Chennai’s Rattha Group, Mumbai-based White Unicorn Ventures, Delhi-bsed AngelList India, PayU’s Jitendra Gupta and FreeCharge founder Kunal Shah have committed to invest in the league. This is to promote motorsports in the country, X1 Racing League said in a statement.
“For X1 Racing League, we got the best minds of the technology and business world to come invest together. Top angels like Kunal Shah and Jatin Aneja are part of this raise and will help open up doors for the success of the league,” Utsav Somani of AngelList India said.
“Unlike many early-stage investments, the X1 Racing League represents sound fundamentals and strong entry-barriers which made the decision straightforward,” he added.
The league, which is the brainchild of India’s international car racers Armaan Ebrahim and Aditya Patel, is scheduled to be held in the first quarter of calendar year 2019. It is backed and sanctioned by the Federation of Motor Sports Clubs of India, the governing body of motorsports in the country.
“The league is well-positioned for a global reach and to make India a favorite destination for motorsports. With the growing interest in sports media properties across the world and the ability to reach a large audience in India, we believe live content and IP rights will have exponential growth value and opportunities,” Rohit Chokhani, Principal Founder at White Unicorn Ventures said.
The league, which forecasts a 5-7 year break-even period, has earmarked a marketing budget of Rs 25-30 crore.
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