EV startup Simple Energy said it has elevated $20 million in a series an investment round, a fund which the firm intends to use to increase the manufacture of its electric-scooters.
After the Seed Round comes the Series A Round. A company is on solid ground currently and attempting to scale the product if it pursues Series A funding.
The company’s current investors participated in the round, including high-net-worth individuals (HNIs) from family offices that promote Apar Industries, such as the Desai family office, the A Velumani family office, the Haran family office, and the Vasavi family office.
The money will be utilized to increase the manufacturing of the Simple One and Simple Dot One e-scooters from Simple Energy.
The founder and CEO of Simple Energy, Suhas Rajkumar, stated, “We are committed to playing a pivotal role in this burgeoning ecosystem as the adoption of electric vehicles (EVs) accelerates significantly in India.”
“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.
Balamurugan Arumugam, Chief Growth Officer of Klarity, an HNI that took part in the round, stated, “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.”
“The brand is well-positioned to not only take over the local market, but also become a globally acknowledged leader in sustainable mobility, appealing to people all over the world who appreciate innovation and environmental awareness as it gains momentum,” he continued.
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.
The company, which is now in a pilot program in Bangalore, has started deliveries there and is getting ready to launch dealerships in the next few weeks in Bangalore, Mysore, Chennai, Vijayawada, Goa, Vizag, Kochi, Mumbai, Pune, Ahmedabad, Surat, Delhi, and Hyderabad.
In February of this year, Simple Energy held its ongoing Bridge round, raising almost $20 million.
Before that, it uplifted $21 million in October 2021 in a Pre-Series finance round, while it captured an confidential amount in March 2022.
