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Simple Energy in talks to secure $1M from angel investors

Simple Energy, a Bangalore based electric vehicles startup, is now in talks with the angel investors to secure around $1 million.

The proceeds will going to be utilized for testing and certification of its 280-km range scooter as the company seeks to secured Automotive Research Association of India approval for its maiden offering by the month of December, before the proposed launch in the month of February-March next year.

“The company is already bootstrapped with Rs 1.3 crore. We had big offers from some big OEMs (original equipment manufacturers), but we wanted a strong angel partner. So we are in talks with a lot of people to raise a maximum of $1 million,” Rajkumar said.

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