- Secures Rs. 250 crore in Series B funding
- The company plans to expand production capacity
According to a statement released by Simple Energy, it has secured Rs. 250 crore for its Series B funding round with an even balance between debts and equity. As per the company, a large part of the investment raised will be invested towards building its manufacturing capacity, while the rest will be spent on selling its products and improving its research and development capabilities.
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As of now, Simple Energy enjoys a production capacity of 3,000 units a month but has been investing in increasing the manufacturing capacity of batteries. It is believed that the additional capacity will come into effect by August 2026.
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The company currently sells about 1,500 electric scooters a month and markets itself through over 71 showrooms located in 38 cities within India. The company plans on opening up its network further and plans on expanding to new cities like Ranchi, Bhubaneswar, and Cuttack. Simple Energy hopes to sell 10,000 scooters a month by March 2027.
