Bangalore, 29th July 2024: Simple Energy announced today that it has raised $20 million in its Series A funding round. This round included participation from the company's current investors, such as high-net-worth individuals (HNIs) from notable family offices like the Haran family office, Dr. A Velumani’s family office, Vasavi family office, and the Desai Family office—promoter group of Apar Industries, among others.
The newly raised funds will be used to scale up the production of Simple Energy's two key offerings, 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. In alignment with its aggressive growth plans, Simple Energy aims to achieve a top line of INR 150 crore this fiscal year.
Suhas Rajkumar, Founder & CEO of Simple Energy, said, “As the adoption of electric vehicles (EVs) accelerates significantly in India, we are committed to playing a pivotal role in this burgeoning ecosystem. The enthusiastic reception from our initial customer base in Bangalore has been truly remarkable, and we extend our heartfelt appreciation to all our investors for their trust in our brand. The capital raised will be tactically deployed to bolster our production capacity and expand our dealership network nationwide.”
Balamurugan Arumugam, Chief Growth Officer at Klarity, an HNI who participated in the round, said, “In the realm of sustainable transportation, Simple Energy shines as a beacon of innovation and progress. 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. 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.”
Simple Energy manufactures 95% of its scooter components in-house and is the only OEM in the country with a state-of-the-art motor manufacturing line within its 200,000 sq ft plant located in Shoolagiri, Tamil Nadu.
Simple Energy has two offerings in its portfolio—Simple One with 212 km of certified range and Simple Dot One with 151 km of certified range. Currently in a pilot phase in Bangalore, Simple Energy 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.
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