Simple Energy to raise $15 m

Our Bureau Bengaluru | Updated on April 27, 2021

Funds to be used to set up manufacturing facility, experience centres and for hiring

Simple Energy, a Bangalore-based EV start-up, plans to raise $15 million in Series A. This round of funding is expected to be closed by the third quarter of this year and might be backed by VCs based in India and New York.

A press statement from the company said it has recently released the testing images of the prototype version of the production vehicle earlier this month, post raising pre-series funding of an undisclosed amount.

While Simple Energy plans to deploy 60 per cent of the funds to establish a state-of-the-art manufacturing facility that will boast a production capacity of 50,000 units, the rest of the funds will be utilized in setting up the experience centres, and expansion of the manpower.

“We are looking to raise these funds to scale our operations and our building synergies with investors. In the next two years, we are aiming to be a dominant player in the electric mobility segment. We are also developing indigenous technology in the powertrain of the vehicle which will be the foundation to our upcoming products,” Suhas Rajkumar, Founder, and CEO of Simple Energy, said. The launch of the flagship e-scooter shall be in the middle of this year with pre-bookings beginning from the launch day itself, followed by the deliveries soon after. Simple Energy aims to produce and sell 50,000 units in the first 12 months of the launch.

As per the product specs revealed, the Mark 2 will have a 4.8 kWh lithium-ion battery, a claimed range of 240 km in eco mode, a top speed of 100kmph, and 0-50 kilometres per hour acceleration in 3.6 seconds. Other key features a mid-drive motor along with a removable battery and futuristic design. It also comes with smart features like a touch screen, on-board navigation, Bluetooth, etc The e-scooter will be priced from ₹1,10,000-1,20,000.

Published on April 27, 2021

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