Simple Energy announced its further fundraising plans, as it is in talks to raise Series A funding of $100 million. The company is aggressive about its expansion plans and raised a total sum of $15 million before the launch of the Simple One electric scooter on August 15, 2021. Now, Simple Energy aims at furthering the post-launch plans as it is in talks to raise $100 million in Series A funding. The company plans to utilize the funds to increase its footprint across India along with setting up the second phase of the factory in Hosur, Tamilnadu, and invest in R&D.
Suhas Rajkumar, Founder & 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.”
While Series A funding is expected to be closed later this year, the company is in talks with global names for this round. The lead investors of the pre-series round included existing investors Manish Bharti and Raghunath Subramanian, to name a few. Simple Energy eyes to become a unicorn as the valuation would increase post-closing Series A.
Simple Energy launched its flagship electric scooter, the Simple One electric scooter with pre-bookings open at Rs 1,947 on its official website. The company is also working on the first phase of its factory with a production capacity of up to 1 million units annually.
News Credit: India Today
