Companies

Simple Energy plans to raise $1 mn for expansion

Our Bureau Bengaluru | Updated on October 29, 2020 Published on October 29, 2020

Lightning Logistics parent company Micelio plans to launch its EVs soon   -  istock/Scharfsinn86

The bootstrapped electric scooter maker has completed its ‘Mark 1’ prototype model

Simple Energy, a start-up that builds electric scooters, plans to raise $1 million for its expansion.

The company is bootstrapped and has so far raised ₹1.3 crore from its founders. It has completed its ‘Mark 1’ prototype model, Suhas Rajkumar, its founder and CEO of Simple Energy, told BusinessLine.

The electric two-wheeler market in India is expected to grow at a CAGR of over 44 per cent during 2019-25, he said. He said the electric vehicle market is growing in India, largely because of favourable government policies, greater awareness toward the environment, increasing petrol prices, and stringent emission norms.

Also read: EV penetration in India could be delayed due to Covid-19, passenger vehicles to be worst affected: Ind-Ra

“But the challenge for electric vehicle manufacturers comes from fuel economy. Hence, Simple Energy has been able to address that issue by being able to design a two-wheeler which has a top speed of 103 kmph and a battery range of over 260-280 km,” he pointed out.

The charging time for the scooter is 40 minutes at home and 17 minutes at a charging station. The scooter has a 7-inch dashboard with 4G connectivity. He said about 90 per cent of the two-wheelers has been developed in India. The lithium-ion battery is removable and extremely lightweight and can be carried around easily. Simple Energy will have four experience centres in each of the metro cities and two each in smaller cities with exclusive dealerships for service centres.

Also read: EV firm BGAUSS to offer scooters for all segments

The company also plans to sell the scooters on its website and e-commerce platforms.

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Published on October 29, 2020
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