Simple energy which is a Bengaluru-based electric vehicle startup plans to raise $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 company said that the Series A funding is expected to be closed by the third quarter of this year, and the capital raised will be utilised in setting up a manufacturing facility, among others. The funding might be backed by Venture capitals based in India and New York.
Simple Energy’s Founder and CEO, Suhas Rajkumar 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.”
60% of the funds will be deployed to build a state-of-the-art manufacturing facility with a capacity to produce 50,000 vehicles annually. Whereas, the rest of the funds will go into setting up experience centers, and scaling up the workforce. It is looking to produce and sell 50,000 units in the first 12 months of its launch.
