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Old 11th June 2018, 09:49   #1
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Default FMSCI-backed X1 Racing League announced

The Federation of Motor Sports Clubs of India (FMSCI) has sanctioned a new two-seater sports car racing league called the Xtreme1 / X1 Racing League. Touted as the world's first city-based motorsports league, the first race is scheduled to be held in the first quarter of 2019.

FMSCI-backed X1 Racing League announced-x1.jpg

The X1 Racing League will include 8 city-based franchise teams. Each team will have 2 custom-built cars and 4 drivers including 1 male and 1 female driver from India and abroad. The international drivers need to have 5 or more years of driving experience in international series, while the domestic drivers will be picked from national championships.

A league season will consist of 4 consecutive race weekends, during which three 45-minute races will be held on Saturdays and Sundays. Additionally, the X1 Racing League will run a year-long domestic season with over 12 races with Indian drivers. Team owners will also be able to race or could appoint a driver to race on their behalf.

Races will be held at purpose built racetracks like the Buddh International Circuit (BIC) and Madras Motor Race Track (MMRT) as well as on temporary street circuits in Hyderabad, Bangalore, Chandigarh and Mumbai.

Running an X1 Racing League team is expected to cost Rs. 6.5-7 crore per season.
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Old 11th June 2018, 12:55   #2
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Default Re: FMSCI-backed X1 Racing League announced

This sounds awesome. I think it might have the potential to establish racing as a sport with a fan following in India, due to the idea of city based teams and it's commercial aspects (like IPL & ISL). A refreshing approach by necessitating one female driver in each team. I really hope this clicks and wishing all success.

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Hats off to Armaan Ebrahim and Aditya Patel for coming up with the idea.

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Old 17th June 2018, 15:39   #3
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Default Re: FMSCI-backed X1 Racing League announced

Armaan Ebrahim's and Aditya Patel's Overdrive interview.

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Old 21st June 2018, 14:46   #4
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Default Re: FMSCI-backed X1 Racing League announced

Very IPL-style. I wish them the best as getting any kind of following for motorsport is difficult in India. Even as a car enthusiast, I have to admit that I never watch any Indian motorsport - just F1 for me.

Sharing the latest press release as is:

Quote:
X1 Racing League closes investment from Conglomerate of Funds and Individuals

X1 Racing League proposes to invest INR 100 crore plus over the next 3 years in the development of the league and promotion of motorsports

This excludes the investment in R&D, technology, street circuit infrastructure and safety equipment
Investor 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
League full invested in the financial stability of its team owners, provides minimum guarantee on central revenue to the teams
League expected to have an INR 25-30 crore marketing budget to penetrate across all markets and capture a wide TG spectrum

League forecasts a 5-7 year breakeven period while the teams breakeven within 3 years

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.

The brainchild of India’s top international car racers Armaan Ebrahim and Aditya Patel, the X1 Racing League is scheduled to be held in the first quarter of 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.

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 R&D including developing electric engines and hi-tech integrations, and assets like cars, engines, safety equipment and circuit infrastructure.

All the investors believe that the X1 Racing League is well-positioned with a made-for-TV and made-in-India product, that is capturing audiences across all age groups and gender. It is also a good mix of the traditional sports league along with the new-age technological inclusions, right from broadcasting the live content to the distribution of the content.

X1 represents sound fundamentals and strong entry-barriers:
Talking about the association Mr. Utsav Somani of AngelList India said, “We are extremely excited to be supporting entrepreneurs who are passionate and dedicated to their particular art. 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 were part of this raise and will help open up doors for the success of the league. Unlike many early-stage investments, the X1 Racing League represents sound fundamentals and strong entry-barriers which made the decision straightforward.”

X1 will create a weekend event for the host city:
Mr. Rohit Chokhani – Principal Founder, White Unicorn Ventures added, “Motorsports has been in India for six decades, there has been considerable investment although this investment is majorly in international racing events. This League will create a weekend event for the host city, making it a proposition for global companies to position themselves to reach and engage with audience at a mass level, which has never been created before. The League is well-positioned for a global reach and 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.”
Involvement of individuals like Jitendra Gupta and Kunal Shah offer access to capital that haven’t been tapped yet for sports and entertainment content, and to the tech ecosystem which is ripe for disruption with regards to sports advertisements and fan-engagement. This investment from a very strategic group of people has given the League the dynamism for growth.

Penetration of sports at an all-time high:
"X1 Racing League is well-positioned for high-growth and scale. The long-term success will hinge on the broadcast rights and distribution platforms, and the reach but we’re confident with the innovations in product, packaging and the marketing strategy that has been mapped out, the media valuations would show right after the first edition. With the penetration of sports at an all-time high and the high spends in sports media, I'm excited where this can go. I look forward to helping the founders and the management establish, grow and scale the league," said Kunal Shah – Indian Entrepreneur, Founder and former CEO of FreeCharge.

Jitendra Gupta is looking forward to see how best the Indian tech ecosystem can be integrates and built into a partnerships to bring the League as a mainstream sports for audience of all generations. Mr. Gupta says, “X1 represents a good mix of the traditional sports league along with the new-age technological inclusions. The target group that is being addressed is the fastest growing audience and capturing them through innovative game format and engaging them creates a very holistic ecosystem to scale and monetize.”

About Rattha Group:
Diverse interest in Clothing, Hospitality, Healthcare, IT & Residential, Co-Working Spaces. The Group through its Family Investment office is investing into next-gen ideas at an early & growth stage companies.

About AngelList India:
AngelList is the world’s largest startup platform to fundraise, recruit and get customers. Globally, it has helped over 2000 companies raise over US$800m. Syndicates are extremely unique pop-up venture funds that help angels invest alongside top tier funds.

About White Unicorn Ventures:
White Unicorn Ventures is an investment firm that specializes in seed funding and early-stage support for startups. Previous investments include Drivezy Inc, Inc42.com, Shaadisaga.com, Aisle Dating & GoodEd Tech amongst others. White Unicorn Ventures has been focused on investing in Emerging Sports in 2018, with recent investment by a team in the Match Poker League. The investment in the X1 Racing league is the second investment in 2018. The firm aims to close atleast two more investments in emerging sports by the financial year end.

About Racing Promotions:
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 former national champions currently racing internationally representing Audi and Lamborghini India.
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Old 5th May 2019, 22:06   #5
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Default Re: FMSCI-backed X1 Racing League announced

X1 Racing League to begin from October 2019

Xtreme1 / X1 Racing League, a 2-seater sports car racing championship, will be held from October 2019. The competition is backed by the Federation of Motor Sports Clubs of India (FMSCI) and promoted by race drivers Aditya Patel and Armaan Ebrahim.

FMSCI-backed X1 Racing League announced-x1-racing-league_racing-car-_-armaan-aditya.jpg

The franchise-based racing series will include 40 races held over 12 weekends. The races will be organized at 4 venues including street circuits and race tracks. Races will take place on Saturdays and Sundays. There will be 3 races of 45 minutes duration per day.

FMSCI-backed X1 Racing League announced-armaan-ebrahim-aditya-patel_x1-racing-league.jpg

The X1 Racing League will include eight city-based franchises with 32 domestic and international drivers including women racers. Each team will have 2 cars and 4 drivers with one international male and female driver as well as one Indian international driver and an Indian domestic driver.

The organizers are in also talks with well-known racing drivers including former F1, Formula E, Indy 500, Le Mans and NASCAR drivers.

Link to Team-BHP News

Last edited by TusharK : 5th May 2019 at 22:07.
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Old 6th May 2019, 16:25   #6
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Default Re: FMSCI-backed X1 Racing League announced

This seems very interesting. Would be great for Indian motorsport if this picks up well.

I wonder where they'll get that many quality women drivers from though. Not many women are racing as-of-today, and almost none are at a calibre where they are consistently performing at the sharp end of the Indian racing grids. So, it would be good for international women drivers, but probably won't encourage more Indian women drivers.

Last edited by jalsa777 : 6th May 2019 at 16:29.
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