The freshly raised funds will be used to expand the startup’s footprint across India and facilitate new product development
Besides, it will fuel Simple Energy’s entry into new markets as well as scale up its two key EV scooter offerings, Simple One and Simple Dot One
Simple Energy’s CEO and founder Suhas Rajkumar also said that the capital raised will be deployed to bolster our production capacity and expand our dealership network nationwide
EV and clean energy startup Simple Energy has secured $20 Mn ( over INR 167 cr) in its Series A funding round led by SaaS startup Klarity’s chief growth officer and existing investor Balamurugan Arumugam.
Besides this, the round also saw participation from a host of existing investors like HNIs from notable family offices like the Haran family office, Dr. A Velumani’s family office, Vasavi family office, and Desai family office—promoter group of Apar Industries, among others.
The freshly raised funds will be used to expand the startup’s footprint across India and facilitate new product development. Besides, it will fuel Simple Energy’s entry into new markets as well as scale up its two key EV scooter offerings, Simple One and Simple Dot One, it said in a statement.
Notably, Simple Energy’s CEO and founder Suhas Rajkumar also said that the capital raised will be deployed to bolster our production capacity and expand our dealership network nationwide.
Founded in 2019 by Rajkumar, Ankit Gupta, Kiran Poojary, Sheetal Shetty, and Shreshth Mishra, Simple Energy is a Bengaluru-based EV startup which has two electric scooters in its portfolio, namely Simple One and Simple Dot One.
It is currently giving its offerings in a pilot phase in Bengaluru and is eyeing open dealership stores in Bengaluru, Mysuru, Chennai, Vijayawada, Goa, Vizag, Kochi, Mumbai, Pune, Ahmedabad, Surat, Delhi, and Hyderabad in the coming weeks.
In February last year, it secured over $20Mn as a part of its ongoing bridge funding round to ramp up production of its electric scooter. Before that, it raised an undisclosed amount in March 2022 followed by $21 Mn funding in October 2021 in its Pre-Series round.
It competes against Ola Electric, TVS Motor, Bajaj and Hero MotorCorp’s Vida in the EV two-wheeler segment.
The development comes at the heart of India’s EV segment witnessing abuzz with the the major Indian EV players like Ola Electric and Ather Energy eyeing for public listing in the coming times.
Ola Electric has already outlined its date of debut in the stock market on August 2. Ola’s counterpart Ather has undergone three fundraises in the last three months amounting to INR 60 Cr, INR 200 Cr and INR 286 Cr respectively and is likely to file its draft IPO papers soon.
