EV maker Simple Energy in talks to raise $100-M

Bangalore-based EV maker Simple Energy is in talks to raise Series-A funding of USD 100 million from global investors along with existing investors. The company will use the funds to increase its footprint across India and for setting up the second phase of the factory in Hosur, and for investing in R&D. The company is working on a 2-lakh sq ft factory in Hosur and phase 1 of the factory with an annual production capacity of 1 million. Simple Energy is eyeing a unicorn valuation with the closing of its Series A fundraise later this year.