Electric vehicle (EV) startup Simple Energy has secured $20 million in a Series A funding round to fuel its market expansion, enabling the company to scale production of its electric scooters, open new dealership stores, and support ongoing product development.
The funding round witnessed significant contributions from high-net-worth individuals (HNIs) from various family offices, including the Haran family office, Dr. A Velumani’s family office, the Vasavi family office, and the Desai Family office, the promoter group of Apar Industries.
The funds will bolster the production of Simple Energy’s flagship electric scooters, Simple One and Simple Dot One. The investment will also aid the company’s market expansion across India and support new product development. Simple Energy aims to achieve a top line of INR 150 crore this year.
Simple Energy raised $20 million in a bridge round in February, following a $21 million pre-Series funding in November 2021. Founded in 2019, the Bengaluru-based company prides itself on manufacturing 95 percent of its scooter components in-house. Simple One and Simple Dot One offer 212 and 151 kilometers, respectively.
Market Expansion and Dealership Openings
Currently in a pilot phase in Bengaluru, Simple Energy has started deliveries in the city and is preparing to open dealership stores in multiple locations, including Bengaluru, Mysuru, Chennai, Vijayawada, Goa, Vizag, Kochi, Mumbai, Pune, Ahmedabad, Surat, Delhi, and Hyderabad.
“As the adoption of electric vehicles (EVs) accelerates significantly in India, we are committed to playing a pivotal role in this burgeoning ecosystem. The capital raised will be tactically deployed to bolster our production capacity and expand our dealership network nationwide,” said Suhas Rajkumar, Founder and CEO of Simple Energy.
The company claims to have built India’s longest-range electric scooter with the Simple One. Simple Energy manufactures 95 percent 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 in Shoolagiri, Tamil Nadu.
“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.
Manufacturing and Development Capabilities
Simple Energy’s facilities include a 200,000-square-foot plant in Shoolagiri, Tamil Nadu, where the company focuses on surface and chassis design and battery and motor development. Despite reporting a loss of Rs 32 crore in FY23, Simple Energy targets significant revenue growth in FY25.
This funding boost for Simple Energy comes as major players in the EV market, such as Ola Electric and Ather Energy, prepare for public listings. Ola Electric is set to debut on the stock market on August 2. Ather Energy, now a public entity, plans to file its draft IPO papers soon.
“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 individuals worldwide who value innovation and environmental consciousness,” added Arumugam.
Stay ahead of the curve and follow IndiaTechDesk on Facebook, Twitter and Linkedin for in-depth news of market trends, funding updates, and regulatory changes affecting startups in India.
Read More:
- Temasek Continues Support for Electric Vehicle Maker OLA
- Raptee Raises $3 Million in Pre-Series A Funding to Speed up EV Manufacturing
- Baaz Bikes Secures $8 Million Series A Funding to Accelerate Expansion in India’s EV Gig Economy
- Ampere Electrics Acquires Strategic Stake in MLR Auto with Plans to Reinforce Last Mile Connectivity
- EV Logistics Player, Zypp Electric, Forges a Partnership with Battery Smart
