New Delhi, Jan. 5 -- Electric two-wheeler maker Simple Energy plans to raise $30-40 million in fresh capital, largely from international backers and existing investors, in what could be its first round with institutional participation, chief executive Suhas Rajkumar told Mint. So far, the company has raised capital mainly from family offices and high net-worth individuals rather than venture capital funds.

The fresh funds will be used to increase production capacity and support a second manufacturing plant as the Bengaluru-based company rolls out its Gen 2 Simple One range of scooters and the long-range Simple Ultra scooter, which according to the company has clocked 400 km in the Indian Driving Cycle (IDC), a standardized lab test by th...