Electric scooter startup Simple Energy to invest up to $330 million in new plants
India’s Simple Energy plans to invest as much as 25 billion rupees ($330 million) in new capacity to make electric scooters, with support from the government in the southern state of Tamil Nadu.
The Bangalore-based company is constructing an initial facility an hour outside the city with the goal of starting operations in 2022 and the capacity to produce a million electric two-wheelers a year. It aims to open a second, larger plant in Dharmapuri in 2023, with capacity to make 12.5 million of such scooters annually.
The startup has raised $21 million so far and expects to close another round of funding in the “three digit millions,” said Suhas Rajkumar, the company’s chief executive officer.
