Simple Energy to raise $15M ahead of electric scooter launch

Easy Power, a Bangalore-based EV startup, that may launch its first electrical scooter in India later this yr, plans to lift $15 million (~Rs 1.5 Crores) in sequence A funding. 

The primary spherical of sequence A funding is anticipated to be closed by the top of the third quarter which is round September 2021. The funding may be backed by VCs from India in addition to New York. For individuals who are unaware, the sequence A funding can be a startup’s preliminary spherical of funding to optimize the person base and product providing. 

Easy Power just lately showcased its electrical scooter prototype in motion. The primary EV from the corporate is known as Mark 2 for now and may launch below a unique identify when it launches commercially in India. Whereas there is no such thing as a actual launch date in India for now, the electrical scooter is alleged to be out there within the Indian market quickly. 

The showcased prototype of the electrical scooter was primarily based on a manufacturing automobile. Forward of the prototype showcase, the corporate had additionally raised an undisclosed quantity of funding. There isn’t a prize for guessing towards whom Easy Power will rival towards. The corporate will take one other Bangalore primarily based startup, Ather Energy as well as Ola Electric. 

(Image credit: Simple Energy)

Simple Energy manufacturing facility

Simple Energy plans 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 centre and expand the manpower.

The e-scooter will be launched in mid-2021 with pre-booking of the vehicle starting on the launch day itself. The company aims to sell about 50,000 vehicles in the first year. As for the EV details, the Mark 2 will have a 4.8 kWh lithium-ion battery, a claimed range of 240 km in eco mode (which seems a bit stretch for now) and a top speed of 100kmph. The scooter will have the capability to reach from 0 to 50kmph in just 3.6 seconds.

Other vehicle features include 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.

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