Simple Energy Mark 2

Another Indian EV Startup, Simple Energy, to Raise $15 Million in Series A Funding

Electric Vehicle, Technology

After the successful launch of Ather Energy and Ola Electric, Simple Energy is India’s third electric vehicle startup that is aiming to capture the market. The Bangalore-based startup is all set to launch its first electric scooter later this year and is planning to raise $15 Million in its Series A funding.

The first round of funding is expected to be closed by Q3 2021 which is around September 2021. The funding is backed up by Venture Capitalists (VCs) from both India and New York as well. The first electric scooter, called the Mark 2, was recently showcased as a prototype in action. Ahead of the prototype showcase, the company had also raised an undisclosed amount of funding.

The company is planning 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 center and expand the manpower. The electric scooter will be launched in mid-2021 with pre-booking of the vehicle starting on the launch day itself. 

The Mark 2 scooter will have a 4.8 kWh lithium-ion battery, a claimed range of 240 km in eco mode, and a top speed of 100 kmph. The scooter will have the capability to reach 0-50 kmph in just 3.6 seconds. It will also include other standardized electric scooter features such as 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.