Simple Energy plans to raise Rs 112 Cr to expand its operations
A Bengaluru based electric vehicle startup Simple Energy plans to raise $15 million (over Rs 112 crore) in funding from domestic and foreign venture capital funds before the launch of its electric scooter Mark 2.
Simple Energy plans to raise Rs 112 Cr
Suhas Rajkumar, Founder, and CEO of Simple Energy said that they are looking to raise the fund to expand their operations and build synergies with the investors.
He said “we are aiming to be a dominant player in the electric mobility segment. We are also developing indigenous technology in the vehicle’s powertrain, which will be the foundation to our upcoming products.” It is expected to close the Series A funding by the third quarter of this year and the capital raised will be used for setting up a manufacturing facility.
The company is planning to deploy 60% of the funds for the manufacturing facility which will have the capacity of 50,000 vehicles production annually. 40% of the funds will be used for setting up experience centres and scaling up the workforce.
Simple Mark 2 electric scooter
Simple Mark 2 electric scooter is made with 85% localisation and its lithium-ion battery cells are imported from Japan, South Korea and Taiwan. The company claims that this upcoming electric scooter will be India’s most high-performance electric scooter which will be launch in 2021.
It has some smart features like Bluetooth and Internet Connectivity. Its battery pack weighs in at just 6 kg and is portable. While we talk about its technical specifications, on a single charge it provides a range of 280 km in Eco Mode. Its top speed is 100 km/h and is equipped with a 4.2kWh. It is priced at Rs 1.1 lakh.
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