Bangalore-based startup Simple energy plans to raise Rs 75 crore in series A funding, to launch e-scooter in May

Bangalore-based electric vehicle startup Simple energy has raised an undisclosed amount from angel investors UiPath’s VP – Global Business and Finance Operations Vel Kanniappan and four other investors pre-series funding.

The start-up is also looking to raise $8-10 million (Rs 51-74 crore) in series A funding in the second quarter of this year. Simple Energy aims to launch its flagship scooter in May 2021 starting with Bangalore, Delhi, followed by Chennai, Mumbai, and Hyderabad.

Simple Energy’s electric scooter christened Mark 2 is expected to have a 240km range in eco mode with a top speed of 100kph, accelerate 0-50kph in 3.6 seconds through a mid-drive motor along with a removable battery and futuristic design. The e-scooter will come with smart features like a touch screen onboard navigation and Bluetooth connectivity among others.

Suhas Rajkumar, founder, Simple Energy, “Closing the pre-series round has given the year a great start. We’re glad to have investors like Vel Kanniappan and the other four investors believe in the idea of Simple Energy. This pre-series has come in at the right time as we are launching the product Mark-2 in the mid of 2021. We look forward to a long-term association with them.”

In November, the company had announced its prototype Mark 1 achieved an ARAI approved range of more than 230km with a 4-kilowatt hour battery pack, which has been developed in-house. The Mark 2 will be offered with a 4.8 kWh battery.