Simple Energy Zooms Ahead with $20 Million Series A Funding

Bengaluru, India: Simple Energy, a leading electric vehicle (EV) startup, announced today that it has successfully secured $20 million in a Series A funding round. This latest injection of capital will be instrumental in accelerating the production of the company’s popular electric scooters, the Simple One and Simple Dot One.

The funding round witnessed participation from existing investors, including prominent family offices such as the Haran family office, A Velumani’s family office, Vasavi family office, and the Desai Family office (promoter group of Apar Industries).

Strategic Focus on Expansion and Product Development

Simple Energy plans to strategically utilize the funds to augment its production capacity, expand its dealership network across India, and embark on new product development initiatives. The company aims to achieve a remarkable top line of Rs 150 crore in the current financial year.

Suhas Rajkumar, Founder and CEO of Simple Energy, expressed his enthusiasm about the funding and the company’s role in the growing EV ecosystem. “We are thrilled to secure this investment as we accelerate our growth trajectory. The funds will be instrumental in scaling up our production capabilities, expanding our market reach, and delivering innovative electric two-wheelers to customers across India.”

Building a Strong Foundation for Future Growth

Balamurugan Arumugam, Chief Growth Officer at Klarity and a participant in the funding round, highlighted the company’s potential to become a global leader in sustainable mobility. “Simple Energy’s vision and strategic roadmap position it for remarkable success. We are confident that the brand will not only dominate the Indian market but also gain global recognition for its innovative and eco-friendly electric scooters.”

Simple Energy takes pride in its in-house manufacturing capabilities, producing 95% of its scooter components within its state-of-the-art 200,000 square foot plant in Shoolagiri, Tamil Nadu. The company is currently in a pilot phase in Bengaluru and is gearing up to expand its presence to major cities across India, including Mysore, Chennai, Vijayawada, Goa, Vizag, Kochi, Mumbai, Pune, Ahmedabad, Surat, Delhi, and Hyderabad.

A Strong Financial Trajectory

The Series A funding follows a successful Bridge round of over $20 million secured in February 2023. Prior to that, Simple Energy raised $21 million in October 2021 in a Pre-Series funding round and an undisclosed amount in March 2022.

With a solid financial foundation and a clear growth strategy, Simple Energy is poised to revolutionize the electric two-wheeler segment in India and beyond.