Electric vehicle startup Simple Energy announced Monday that it has raised $20 million in a Series A funding round. Image: X@SimpleEnergyEV
Electric vehicle (EV) startup Simple Energy said Monday it has raised $20 million in a Series A funding round, an amount the company intends to use to ramp up production of its electric scooters.
The Series A funding round follows the seed funding round. If a company opts for Series A funding, it means that it is already in a strong position and is trying to expand the reach of the product.
The round was participated in by the company’s existing investors, including high net worth individuals (HNIs) from family offices such as Haran Family Office, A Velumani Family Office, Vasavi Family Office and Desai Family Office, promoter group of Apar Industries, among others.
The funds will be used to expand production of Simple Energy’s electric scooters: Simple One and Simple Dot One.
The funds will also support the company’s entry into new markets, expand its presence across India and facilitate the development of new products.
“As electric vehicle (EV) adoption accelerates significantly in India, we are committed to playing a pivotal role in this burgeoning ecosystem,” said Suhas Rajkumar, Founder and CEO of Simple Energy.
“The capital raised will be used tactically to strengthen our production capacity and expand our dealer network across the country,” he added.
Having raised a fresh round of funding, Simple Energy is aiming to achieve gross revenue of Rs 150 crore this financial year.
“With a clear vision and a strategic roadmap for the next phase of growth, Simple Energy is poised to redefine the technologically advanced electric two-wheeler landscape in India and beyond,” said Balamurugan Arumugam, Chief Growth Officer at Klarity, an HNI that participated in the round.
“As the brand gains momentum, it is poised to not only capture the local market, but also emerge as a globally recognized leader in sustainable mobility, resonating with people around the world who value innovation and environmental awareness,” he added.
With Simple One, the company claims to have built India’s longest-range electric scooter. Simple Energy manufactures 95 percent of its scooter components in-house. It is also the only OEM in the country with a “state-of-the-art” motor manufacturing line at its 200,000-square-foot plant located in Shoolagiri, Tamil Nadu.
Currently in a pilot phase in Bangalore, the company has commenced deliveries in the city and is gearing up to open dealership stores in Bangalore, Mysore, Chennai, Vijayawada, Goa, Vizag, Kochi, Mumbai, Pune, Ahmedabad, Surat, Delhi and Hyderabad in the coming weeks.
Simple Energy had raised over $20 million in its ongoing Bridge round in February this year.
Prior to that, it raised $21 million in October 2021 in a pre-series funding round, while it secured an undisclosed amount in March 2022.
First published: July 29, 2024 | 11:16 am IS
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