Simple Energy seeks $100Mn in Series A funding to support R&D
Category: #technology  By Pranali Mehta  Date: 2021-08-26
  • share
  • Twitter
  • Facebook
  • LinkedIn
Simple Energy seeks $100Mn in Series A funding to support R&D

Indian electric scooter manufacturer- Simple Energy is reportedly in talks to raise Series A funds worth USD 100 million from global investors and present investors- Raghunath Subramanian and Manish Bharti. 

Notably, the funds will be used by the company to expand its operations across India and to build the second phase of its factory in Hosur, Tamil Nadu along with investing in research and development activities.

As per reliable sources, Simple Energy is developing a 2-lakh sq ft facility in Hosur, with Phase 1 expected to carry out production of around one million units annually.

Introduced on August 15th 2021, the Bengaluru-based company’s flagship electronic scooter model- ‘Simple One’ witnessed more than 30,000 pre-bookings in just five days. Before its launch, the firm had raised approximately USD 15 million in funds.

Simple Energy claims that its models will offer customers a maximum range of 236 km in Eco mode. Such an offering is significantly higher than the one provided by other e-scooter variants available in the Indian market today.

Suhas Rajkumar, Founder and CEO, Simple Energy, claims that their e-scooters can achieve high range because its motors that are built in-house. Founded in 2019 as a component R&D entity, Simple Energy has grown to become a prominent name in the e-scooter industry.

To achieve the high range of 236km, Simple Energy pre-decided the required torque to achieve the output, the amount of power output, and the type of characteristic a motor must show, Mr. Rajkumar added.

Speaking further about the manufacturing process adopted by the company, Suhas Rajkumar mentioned that Simple Energy only imports the cells used in the vehicle and the remaining components are developed by the firm locally. The startup also manufactures its removable battery pack and uses a 4.8kWh li-ion battery.

Priced at USD 1,482 (INR 1,09,999), Simple Energy offers its design patented e-scooters in four colors with Bluetooth connectivity, geo-fencing, TPMS, and many other features.

Source Credits: https://www.thehindubusinessline.com/companies/simple-energy-in-talks-to-raise-100-m-funding-from-existing-global-investors/article36081368.ece

 

  • share
  • Twitter
  • Facebook
  • LinkedIn

About Author

Pranali Mehta

Pranali Mehta    

Pranali Mehta boasts of over three years of experience as a content writer. Having completed her graduation in chemical engineering, she worked as safety & environment associate in a chemical company for a year. Harnessing her passion for writing however, Pranali deci...

Read More >>

More News By Pranali Mehta

Mercedes Benz backs Tesla’s demands of reducing import duties in India
Mercedes Benz backs Tesla’s demands of reducing import duties in India
By Pranali Mehta

Luxury carmaker Mercedes Benz voicing support for Telsa’s tax reduction demands, stating the import duties as ‘outrageous’. The German company said that customers in India could end up purchasing its cars at double the rate as in th...

GSK injects £50 million in renewable energy for NYC Climate Week
GSK injects £50 million in renewable energy for NYC Climate Week
By Pranali Mehta

Pharmaceutical major, GlaxoSmithKline (GSK) has recently provided updates on its efforts to meet its environmental goals, which includes an investment of £50 million in renewable electricity for its manufacturing locations in the UK and US. Th...

Netflix introduces free streaming plan in Kenya to expand its reach
Netflix introduces free streaming plan in Kenya to expand its reach
By Pranali Mehta

Netflix Inc. has reportedly unveiled its free mobile streaming plan in Kenya to entice new customers in the East African nation which currently has more than 20 million internet users. The plan will be rolled out in Kenya and is expected to be avail...