Bangalore-based EV maker Simple Energy on Tuesday announced its plans to raise funds to the tune of USD 100 million in Series A funding. The startup, which earlier this month launched its flagship electric scooter, Simple One, also said it is in talks with some global investors for this round, which is expected to be completed by later this year.
Simple Energy eyes to become a unicorn firm as the valuation would increase post-closing Series A, it said in a release.
The company has been aggressive about its expansion plans and has raised a total sum of USD 15 million before the launch, Simple Energy said.
“Now, Simple Energy aims at furthering the post-launch plans as it is in talks to raise USD 100 million in Series A,” it said.
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 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.