Simple Energy, a Bangalore-based EV startup, that will launch its first electric scooter in India later this year, plans to raise $15 million (~Rs 112 Crores) in series A funding.
The first round of series A funding is expected to be closed by the end of the third quarter which is around September 2021. The funding might be backed by VCs from India as well as New York. For those who are unaware, the series A funding will be a startup’s initial round of funding to optimize the user base and product offering.
Simple Energy recently showcased its electric scooter prototype in action. The first EV from the company is called Mark 2 for now and might launch under a different name when it launches commercially in India. While there is no exact launch date in India for now, the electric scooter is said to be available in the Indian market soon.
The showcased prototype of the electric scooter was based on a production vehicle. Ahead of the prototype showcase, the company had also raised an undisclosed amount of funding. There is no prize for guessing against whom Simple Energy will rival against. The company will take another Bangalore based startup, Ather Energy as well as Ola Electric.
Simple Energy manufacturing facility
Simple Energy plans to deploy 60% of the funds to build a manufacturing facility that can produce 50,000 units of vehicles. The rest of 40% of funding will be utilized to set up the experience centre and expand the manpower.
The e-scooter will be launched in mid-2021 with pre-booking of the vehicle starting on the launch day itself. The company aims to sell about 50,000 vehicles in the first year. As for the EV details, the Mark 2 will have a 4.8 kWh lithium-ion battery, a claimed range of 240 km in eco mode (which seems a bit stretch for now) and a top speed of 100kmph. The scooter will have the capability to reach from 0 to 50kmph in just 3.6 seconds.
Other vehicle features include a touch screen display, on-board navigation, Bluetooth, mid-drive motor, and a removable battery and futuristic design. As for the pricing, the Simple Energy Mark 2 is said to be priced around Rs 1,20,000.
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