Electric two-wheeler maker, Simple Energy on Tuesday said it 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. The Bengaluru-based firm said it is setting up a plant at Hosur in Tamil Nadu which will have an annual production capacity of 10 lakh units in the initial phase.
“While the factory set up has begun, the company aims at starting the production operations from later this year. Looking at the fast-paced EV industry’s growth, the company plans to invest over Rs 350 crore in the next two years to increase its footprint in India,” Simple Energy said in a statement. The first phase of the factory is spread across 2 lakh sq ft and the company will also be providing at least 1,000 jobs, to begin with, it added.
The company said it will be launching its first flagship electric scooter on August 15. Simple Energy Founder and Chief Executive Officer Suhas Rajkumar said the company aims to lead electric mobility in the country and will now be able to cater to a larger audience.