EV Startup Simple Energy Mulls to Raise up to $1 Mn

Suhas Rajkumar founded electric vehicle (EV) start-up Simple Energy is mulling to raise up to USD 1 million (about Rs 7.5 crore) and currently in talks with angel investors.

However, the Bengaluru-based company didn’t disclose the name of the investors, with whom the talks are going on.  

Rajkumar said quoted PTI that these proceeds will be utilised for testing and certification of its 280-km range range scooter as the Bengaluru-based company seeks to secure Automotive Research Association of India’s (ARAI) approval for its maiden offering by December, before the proposed launch in February-March next year.

Moreover, this next generation electric Scooter maker is also working on a prototype of an electric motorcycle, which it plans to showcase in December along with the scooter model, he added.

Rajkumar also said quoted PTI that “the company is already bootstrapped with Rs 1.3 crore. We had big offers from some big OEMs (original equipment manufacturers), but we wanted a strong angel partner. So we are in talks with a lot of people to raise a maximum of USD 1 million.”

Also, the talks are almost in final stages, and funds could come as early as next month, adding that the funds would go into testing and certification of the scooter, he commented.

Currently, the company has completed around 20-30 per cent work on production model, which will be a smart e-scooter with 280-km range including features like 7-inch touch display with 4G connectivity for better location detection, among others.

Moreover, this scooter will have a top speed of 103 kmph and a li-ion battery which would be removable and light-weight and can be charged in 40 minutes at home and 17 minutes at a charging station, according to Rajkumar.

He further added that, reported PTI, the company is looking at commencing deliveries by June-July next year with cities beginning from Bengaluru, Hyderabad and Mumbai, followed by New Delhi and Kolkata, and aims to reach a production capacity of 50,000 units by that time.

The company plans to have operations in five cities in the first year of launch. Besides, its next plan will be e-bikes after launching e-Scooter, and its prototype likely to be ready by December this year for display.