With 53 showrooms across key cities such as Bengaluru, Goa, Pune, Vijayawada, Hyderabad, Vizag, and Kochi, the company plans to open 150 stores and 200 service centers across India this year
The funding round saw participation from the company's current and new investors, the company said in a statement.
The company, which recently launched Simple One for Rs 1.45 lakh, is gearing up to launch more e-scooters, an e-motorcycle and an e-car
With the introduction of affordable e-scooters, the company is expecting to retain not only the existing investors but also onboard institutional players and family offices globally for its proposed USD 100-million fund-raise, Rajkumar told PTI.
The Simple One e-scooter will be available in four colour options - black, red, blue and white - and two dual-tone options - white and black - with red alloy wheels and highlights.
Simple One delivers a claimed range of 212 km in Indian driving conditions, making it the longest- range electric two-wheeler in the domestic market.
The Bengaluru-headquartered startup launched Simple One on August 15 last year.
The deliveries are being deferred as updated safety guidelines for EVs are expected to be issued by the government shortly, the company said.
The Bengaluru-based energy startup had launched its first e-scooter Simple One mid-August last year.
The proposed facility, spread in 600 acres of land, would be the company’s second such production unit and is expected to be functional by 2023, the Bengaluru-based company said in a release.
Previously code named Mark2, Simple One, will be the debut offering from the company.
The Series A funding is expected to be closed by the third quarter of this year, and the capital raised will be utilised in setting up a manufacturing facility, among others, Simple Energy said on Monday.
Simple Energy’s Mark 2 claims to have a drive range of more than 280 km on full charge. To be priced around Rs 1 lakh, the battery-charged scooter is likely to go on sale in a few months. A US-based venture capital company has already invested $1.3 million in the firm.