The lead investors of the pre-series round included existing investors Manish Bharti, Raghunath Subramanian, among others
Electric two-wheeler startup Simple Energy announced its plans to raise funds worth $100 million in Series A funding, for which it is in talks with some global investors. The funding round is expected to be completed by later this year.
The company said it plans to utilise the funds to increase its footprint across India along with setting up the second phase of the factory in Hosur besides investing in R&D.
The lead investors of the pre-series round included existing investors Manish Bharti, Raghunath Subramanian, among others.
Simple Energy eyes to become a unicorn firm as the valuation would increase post-closing Series A, it said in a statement.
The Bengaluru-based startup launched its flagship electric scooter, Simple One, on August 15. The company added that it has been aggressive about its expansion plans, having raised a total sum of $15 million before the launch.
“Simple Energy aims at disrupting the automobile industry. We are 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,” said Suhas Rajkumar, Founder-CEO, Simple Energy.
Earlier this month, the startup had also disclosed its plans to invest over Rs 350 crore in the next two years to increase its footprint in India, including setting up of a manufacturing unit.
It added that it’s Hosur plant in Tamil Nadu which will have an annual production capacity of 10 lakh units in the initial phase.
