Simple Energy In Talks To Raise $100 Million In Series A Funding

Bengaluru-based electric vehicle start-up Simple Energy has announced plans to raise funds. In a statement, the company has announced talks to raise Series A funding of $100 million. The Series A funding round is expected to be closed later this year, and the company says it is in talks with global names for this round. The lead investors of the pre-series round includes investors Manish Bharti, and Raghunath Subramanian among others, the company said. The company has already raised $15 million in funds before the launch of the Simple One electric scooter. The next round of funds will be utilised to increase the company's presence across India, along with setting up the second phase of its factory in Hosur, Tamil Nadu, as well as invest in R&D, the company said.

Also Read: Simple One Electric Scooter Receives Over 30,000 Pre-Bookings

The Simple One can be charged using the company's upcoming Loop charging network. It will get fast and slow charging options

Also Read: Simple One Electric Scooter Launched At Rs. 1.10 Lakh

Speaking about the company's fundraising plans, Suhas Rajkumar, Founder, and CEO, Simple Energy said, "Simple Energy aims at disrupting the automobile industry. We're glad to have received such an overwhelming response for the brand. It also gives us the right direction in terms of taking the company forward. We look forward to getting into production at the earliest."

Also Read: Simple Energy To Produce 1 Million EVs Annually In Phase I

The Simple Energy manufacturing facility in Hosur, Tamil Nadu, will have annual production capacity of 1 million units

The Simple One electric scooter was launched on August 15, 2021, at a price of Rs. 1.1 lakh, and the Simple One is available for pre-bookings for an amount of Rs. 1,947. The company is also working on the first phase of its factory with a production capacity of up to 1 million units annually. Simple Energy intends to launch operations across 75 cities in 13 states in the next few months. The company has also lanched the Simple Loop charging network for public charging as well as home charging. The company intends to launch over 300 charging stations in the next 7 months across 13 states.