Electric vehicle (EV) startup Simple Energy has successfully raised $20 million in a Series A funding round, with plans to ramp up production of its cutting-edge electric scooters. This significant funding milestone highlights Simple Energy’s growth trajectory and ambitious plans for the future.
A Leap Forward for Simple Energy
Following a successful Seed Round, this Series A funding demonstrates that Simple Energy is on solid ground and ready to scale its product offerings. The round saw participation from existing investors, including high-net-worth individuals (HNIs) from prominent family offices such as the Haran family office, A Velumani’s family office, Vasavi family office, and the Desai Family office, among others.
Scaling Production and Expanding Markets
The newly raised funds will be instrumental in scaling up the production of Simple Energy’s flagship e-scooters – the Simple One and Simple Dot One. Additionally, the capital will support the company’s expansion into new markets across India, enhance its nationwide presence, and facilitate the development of new products.
“As the adoption of electric vehicles accelerates significantly in India, we are committed to playing a pivotal role in this burgeoning ecosystem,” stated Suhas Rajkumar, Founder and CEO of Simple Energy. “The capital raised will be strategically deployed to bolster our production capacity and expand our dealership network nationwide,” he added.
Ambitious Growth Targets
With this fresh infusion of capital, Simple Energy aims to achieve a top line of Rs 150 crore in the current financial year. Balamurugan Arumugam, Chief Growth Officer at Klarity and an HNI participant in the round, expressed confidence in Simple Energy’s growth prospects. “With a clear vision and a strategic roadmap for the next phase of growth, Simple Energy is primed to redefine the landscape of technologically advanced EV two-wheelers in India and beyond,” he said.
Leading the EV Revolution
Simple Energy boasts of India’s longest-range electric scooter, the Simple One. The company manufactures 95% of its scooter components in-house, setting it apart as the only original equipment manufacturer (OEM) 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, 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.
Previous Funding Milestones
This Series A round follows Simple Energy’s previous funding efforts, including over $20 million raised in a Bridge round in February this year, $21 million in a Pre-Series round in October 2021, and an undisclosed amount in March 2022.
- What impact do you think Simple Energy’s innovative approach to EV manufacturing will have on the Indian electric vehicle market?
- How do you see the growth of electric scooters influencing urban mobility in India?
- What are your thoughts on Simple Energy’s strategy to manufacture 95% of its scooter components in-house?
- How important do you think funding rounds like these are for the advancement of sustainable transportation solutions?
- Which city do you think will benefit the most from Simple Energy’s expansion, and why?
