EV startup Simple Energy raises $20 million in series A funding round
Electric vehicle (EV) startup Simple Energy on Monday said it has raised $20 million in a series A funding round. Image: X@SimpleEnergyEV
Electric vehicle (EV) startup Simple Energy on Monday said it has raised $20 million in a series A funding round, an amount which the firm intends to use to scale up production of its electric-scooters.
Series A Round follows the Seed Round. If a company goes for Series A funding, it means that it is on firm footing now, and is trying to scale the product.
The round saw participation from the company’s existing investors, such as high-net-worth individuals (HNIs) from family offices like the Haran family office, A Velumani’s family office, Vasavi family office, and the Desai Family office –promoter group of Apar Industries, among others.
The funds will be used to scale up the production of Simple Energy’s e-scooters – the Simple One and Simple Dot One.
Additionally, the funds will support the company’s entry into new markets, expand its presence across India, and facilitate new product development.
“As the adoption of electric vehicles (EVs) 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 tactically deployed to bolster our production capacity and expand our dealership network nationwide,” he added.
Having raised the fresh round, Simple Energy aims to achieve a top line of Rs 150 crore this financial year.
“With a clear vision and a strategic roadmap mapped out for the next phase of growth, Simple Energy is primed to redefine the landscape of technologically advanced EV two-wheelers in India and beyond,” said Balamurugan Arumugam, Chief Growth Officer at Klarity, an HNI who participated in the round.
With the Simple One, the company claims to have built India’s longest-range electric scooter. Simple Energy manufactures 95 per cent of its scooter components in-house. Additionally, it is the only original equipment manufacturer in the country with a “state-of-the-art” motor manufacturing line within its 200,000 square foot plant located in Shoolagiri, Tamil Nadu.
Currently in a pilot phase in Bangalore, the company has begun deliveries in the city and is preparing 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 back in February this year.
Before that, it raised $21 million in October 2021 in a Pre-Series funding round, while it bagged an undisclosed amount in March 2022.
First Published: Jul 29 2024 | 11:16 AM IST