IPO-bound Simple Energy eyes large fundraise to enhance production capacity, supply chain
Declining to give the quantum of funds the company was looking at, he said, "it is not just the product that is going to scale... for us backing is important because right now we can only scale up to 10,000. But beyond that, we need to infuse more capital in our factory and our supplier."
Simple Energy, an electric two-wheeler manufacturer, is in talks with a large investor for a significant fundraise as it aims to expand its production capacity and supply chain, according to CEO Suhas Rajkumar. The company is confident of securing a top-five position in the segment within 15-18 months. Rajkumar emphasized the importance of additional funding, as the current capacity limits production to 10,000 units.
The new scooter model, called Simple Wave, offers various riding modes and supports fast charging, with a pricing starting at Rs 1,09,999. Rajkumar stated that the company aims to produce between 10,000-12,000 scooters by March of the current financial year, once the fundraise is successful. The enhanced variants come with additional features such as traction control, regenerative braking, and hill hold assist.
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