EV startup Simple Energy plans to raise USD 15 mn


PTI, Apr 26, 2021, 1:18 PM IST

Mumbai: Bengaluru-based electric vehicle startup Simple Energy plans to raise USD 15 million (over Rs 112 crore) in funding from domestic and foreign venture capital funds ahead of the launch of its flagship e-scooter Mark 2 mid this year.

The Series A funding is expected to be closed by the third quarter of this year, and the capital raised will be utilized in setting up a manufacturing facility, among others, Simple Energy said on Monday.

”Simple Energy plans to raise USD 15-million in Series A. This round of Series A is expected to be closed by the third quarter of this year and might be backed by VCs based in India and New York,” the EV maker said.

Suhas Rajkumar, Founder, and CEO of Simple Energy said ”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.”

The company said it plans to deploy 60 per cent of the funds to build a state-of-the-art manufacturing facility with a capacity to produce 50,000 vehicles annually, the rest of the funds will go into setting up experience centres and scaling up the workforce.

The company is looking to produce and sell 50,000 units in the first 12 months of its launch, it said.

Simple Energy had also 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.

The flagship e-scooter which will have a 4.8 kWh lithium-ion battery with a claimed range of 240 km in eco mode and a top speed of 100kmph, is set to be rolled out mid this year with pre-bookings beginning from the launch day itself, followed by the deliveries soon, it said.

The e-scooter will be priced at Rs 1.10 lakh- Rs 1.20 lakh, the company said.

The other key features include a mid-drive motor along with a removable battery and futuristic design. It also comes with smart features like a touch screen, onboard navigation, Bluetooth, among others, Simple Energy said.

Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.

Top News

Nirmala Sitharaman meets Deve Gowda, enquires about former PM’s health

Govt upgrades Mukesh Ambani’s security cover to Z plus

HC says seer’s plea to sign cheques from jail lacks clarity

Muslim side objects to plea seeking carbon dating of ‘Shivling’ on Gyanvapi mosque premises

PFI’s Twitter handle taken down

59 workers fall ill after ammonia leak at meat export plant in Aligarh

IIFA 2023 to be held in Abu Dhabi next year; Salman Khan, Varun Dhawan to take part


Related Articles More

Reliance Jio Chairman Akash Ambani, OnlyFans’ CEO Amrapali Gan among TIME100 Next list of rising stars

CRED, upGrad and Groww are top start-ups in India in 2022

Grand inauguration of The Ocean Pearl, Ujire on Sep 30

Godrej Properties buys 7-acre land in Bengaluru to build homes; eyes Rs 750 cr revenue

Sensex tumbles 609 points in early trade amid weak Asian markets

MUST WATCH

How to make dairy farm shed

Dasara Special : Family celebrating Gombe pooja since 50 years

Police Raod on PFI – SDPI Office at Shivamogga

Day 4 | Kushmanda Devi

Mangaluru Shree Sharada Mahotsava – How was the journey of 100 years?


Latest Additions

Nirmala Sitharaman meets Deve Gowda, enquires about former PM’s health

Govt upgrades Mukesh Ambani’s security cover to Z plus

HC says seer’s plea to sign cheques from jail lacks clarity

Muslim side objects to plea seeking carbon dating of ‘Shivling’ on Gyanvapi mosque premises

PFI’s Twitter handle taken down

Thanks for visiting Udayavani

You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.