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This paper presents the method of designing an optimized light weight, cost effective planetary gearbox for a Formula Student vehicle. The gearbox has a high speed functioning capability, in addition to the compact size and light weight. The iterative optimization procedure used provides a technique for selecting the best possible configuration of the gearbox. Conventional gearboxes used for this purpose are generally two step reduction gearboxes, which are bulkier in terms of weight and volume. Also, a review of the existing market reveals that the planetary gearboxes manufactured in India are not capable of handling high speeds, thus rendering them futile for racing applications. The target reduction ratio for the gearbox is a fixed parameter. The method involves design and optimization of the gear-train with the calculated ratio.