The Formula IUT racing team from the Islamic University of Technology (IUT) has finished third in Class I of Formula Bharat 2023.

Formula Bharat pits teams against one another in the areas of engineering design, overall cost, marketability, and dynamic performance. The only Bangladeshi team to compete in the Class I division of Formula Bharat 2023 was Formula IUT. A life-size Formula student-style vehicle is used for the contest.

Formula IUT ranked fifth in the Engineering Design: Concept, Goals and Management (CGM) event and fourth in the Business Plan Presentation (BPP) event, two of the two competitions that made up Class 1's overall competition.

The team's third-place finish was influenced by the team's overall results from these two competitions.

Formula IUT is an initiative of IUT students who are passionate about motorsports and began its journey in late 2021. Being one of the 38 Finalists in Formula Student UK 2022 was the team's first achievement prior to Formula Bharat.