Simple Energy, a Bengaluru-based company, intends to grow its nationwide dealership network and boost its electric scooter production capacity with the support of a $20 million fund.
The electric car startup Simple Energy revealed on Monday that it had successfully raised $20 million in its Series A funding round. Among the investors in the round were high-net-worth individuals (HNIs) from prominent family offices, including the offices of Dr. A. Velumani, Haran, Vasavi, and Desai, who is a promoter group of Apar Industries.
With the help of these funds, the business hopes to enter new markets, create new goods, and increase the size of its two EV scooter offerings, the Simple One and Simple Dot One.
The money will also help the business launch new products, increase its footprint throughout India, and penetrate new markets.
Simple Energy is now conducting a pilot program in Bangalore. In the upcoming weeks, the company intends to grow by opening dealerships in major Indian cities, including as Bangalore, Mysore, Chennai, Vijayawada, Goa, Vizag, Kochi, Mumbai, Pune, Ahmedabad, Surat, Delhi, and Hyderabad. Simple Energy hopes to generate a top line of Rs 150 crore in current fiscal year after raising the new round.
With increasing momentum, the brand has the potential to not only take the lead in the local market but also become a globally recognized leader in sustainable transportation, appealing to people all over the world who appreciate innovation and environmental conscience.
