Ola Electric-rival Simple Energy raises $20M to expand EV business
Electric vehicle and clean energy startup, Simple Energy, has successfully secured $20 million in a Series A funding round. The round saw participation from both existing investors and high-net-worth individuals from family offices. Notable participants included the Haran family office, Dr A Velumani's family office, Vasavi family office, Desai Family office and the promoter group of Apar Industries.
Funds to boost production and expansion
The newly acquired capital will be utilized to increase the production of Simple Energy's two main products, Simple One and Simple Dot One. Additionally, the funds will aid in the company's expansion into new markets and product development. With an aggressive growth strategy, Simple Energy aims to achieve a top line of ₹150 crore this fiscal year.
CEO expresses commitment to India's EV ecosystem
Suhas Rajkumar, founder & CEO of Simple Energy, expressed his dedication to playing a significant role in India's growing EV ecosystem. He stated that the raised capital will be strategically used to enhance their production capacity and expand their dealership network nationwide. Rajkumar also acknowledged the positive response from their initial customer base in Bangalore and thanked all investors for their trust in the brand.
Simple Energy hailed as beacon of innovation by investor
Balamurugan Arumugam, Chief Growth Officer at Klarity and an investor in the round, lauded Simple Energy as a beacon of innovation and progress in sustainable transportation. He emphasized that with a clear vision and strategic growth plan, Simple Energy is well-positioned to redefine the landscape of technologically advanced EV two-wheelers not just in India but globally.
Simple Energy's unique manufacturing approach
Founded in 2019, Bangalore-based Simple Energy distinguishes itself by manufacturing 95% of its scooter components in-house. The company claims to be the only Original Equipment Manufacturer (OEM) in India with a state-of-the-art motor manufacturing line at its Shoolagiri plant in Tamil Nadu. The firm currently offers two electric scooters: Simple One with a certified range of 212km and Simple Dot One with a range of 151km.
