Bengaluru-based raising funds for its product that has got advance bookings for more than 100,000 units in 18 months
Bengaluru, NFAPost: Bengaluru-based electric vehicle (EV) start-up Simple Energy on Tuesday launched the Simple One electric scooter (e-scooter) manufactured at its facility in Shoolagiri (Tamil Nadu), strengthening northwestern Tamil Nadu’s Hosur-Krishnagiri-Dharmapuri (HKD) industrial belt as a hub for EVs and ancillary units, Business Standard reported.
Simple One is the fastest e-scooter in India, with a maximum speed of 105 kilometres per hour (kph) and a range of 212 km. While it takes 2.77 seconds to cover 0–40 kph, becoming the fastest electric two-wheeler in the segment, rival Ola’s scooters take 3 seconds, becoming the second-fastest, informed a company source.
It has invested Rs 110 crore in the Shoolagiri facility and secured advance bookings for more than 100,000 units in 18 months, ensuring orders worth Rs 1,500 crore.
Delivery will start by the end of May or early July first week. The scooter is priced between Rs 1.45 lakh and Rs 1.58 lakh, excluding chargers. Its 750-watt portable charger costs an additional Rs 13,000.
The two major players competing with Simple Energy in the segment are Ather Energy and TVS iQube.
The scooter will be available in six colour variants, with a seven-inch digital display powered by the Android operating system with turn-by-turn navigation, Bluetooth connectivity, battery and range details, and call alerts.
The company seeks fresh funds for expansion as it works on the launch, Simple Energy Founder and Chief Executive Officer Suhas Rajkumar told Business Standard after raising $20 million in February.
According to Tracxn, the company has raised $53.5 million in more than seven rounds.
“We are working on a few more variants and will be priced in the Rs 1–1.6 lakh range. Our current capacity at the Shoolagiri facility is 25,000 units per month, with an annual capacity of 300,000 units. With the rise in demand, we will be able to increase it to 1 million units,” said Simple Energy Founder and Chief Executive Officer Suhas Rajkumar.
The company said the scooter’s over-200 km range and 105 kph maximum speed would attract customers, saying no other firm in the market has this offering.
“At Shoolagiri, we have invested Rs 110 crore in the factory. We are trying to increase capacity for future readiness. We want to be no. 1 in sales in the next 12–14 months and will be investing another Rs 50 crore in the next four quarters,” said Simple Energy Founder and Chief Executive Officer Suhas Rajkumar.
The company sees its pre-booking, without any major marketing spend, as proof of the brand’s success. The companies in the HKD region include Ola Electric, TVS Motor, Ather Energy, and Ashok Leyland, among others.
Simple Energy said it is the first original equipment manufacturer in the country to receive certification for its EVs under AIS-156 Amendment III Phase 2. This ensures safety by designing, constructing, and testing the battery pack and its components, in line with government standards.
Asked about the Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles subsidy concerns, Rajkumar said, “The government should consider it as we are falling short of the target. Subsidy should not be taken away; we are happy to comply with any qualification standard it asks for.”
