The Bengaluru-based company, which started out with the performance-focused Simple One, is now betting on the family scooter segment to drive its next phase of growth. Rajkumar said the company expects to capture 6-7% of the market in the next six to 12 months before targeting 20% within 24 months.

Simple Energy targets the family scooter market with the Simple Wave, aiming for 10,000-12,000 units monthly by March 2027.

Declining to give the quantum of funds the company was looking at, he said, "it is not just the product that is going to scale... for us backing is important because right now we…