Simple Energy plans to raise $15 million in funding from domestic and foreign venture capital funds ahead of the launch of its flagship e-scooter Mark 2 mid this year. The Series A funding is expected to be closed by the third quarter of this year, and the capital raised will be utilized in setting up a manufacturing facility, among others, Simple Energy said on Monday. “Simple Energy plans to raise $15-million in Series A. This round of Series A is expected to be closed by the third quarter of this year and might be backed by VCs based in India and New York,” the EV maker said.

Suhas Rajkumar, Founder, and CEO of Simple Energy said “we are looking to raise these funds to scale our operations and our building synergies with investors. In the next two years, we are aiming to be a dominant player in the electric mobility segment. We are also developing indigenous technology in the powertrain of the vehicle which will be the foundation to our upcoming products.”

The company said it plans to deploy 60% of the funds to build a state-of-the-art manufacturing facility with a capacity to produce 50,000 vehicles annually, the rest of the funds will go into setting up experience centers, and scaling up the workforce. The company is looking to produce and sell 50,000 units in the first 12 months of its launch, it said. Simple Energy had also recently released the testing images of the prototype version of the production vehicle earlier this month, post-raising pre-series funding of an undisclosed amount.