Simple Energy raises USD 20 million in Series A round

Bangalore-based Simple Energy announced that it has raised USD 20 million in Series A funding round. This round saw participation from existing investors, including high-net-worth individuals (HNIs) from family offices like the Haran family office, Dr. A Velumani’s family office, Vasavi family office, and the Desai family office, the promoter group of Apar Industries, among others.

According to EVreporter research, the company sold 524 units during 6 months from Jan 2024 to Jun 2024, all in Karnataka.

The funds will be used to increase the production of Simple Energy’s key products, Simple One and Simple Dot One. The investment will also support the company’s expansion into new markets across India and the development of new products. Simple Energy aims to achieve a top line of INR 150 crore this fiscal year.

Mr. 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.”

Mr. 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 said it manufactures 95% of its scooter components in-house and also operates a motor manufacturing line at its 200,000 sq ft plant in Shoolagiri, Tamil Nadu. The company offers the Simple One with a certified range of 212 km and the Simple Dot One with a certified range of 151 km. Currently, Simple Energy is in a pilot phase in Bangalore and has started deliveries in the city. The company plans to open dealership stores in Bangalore, Mysore, Chennai, Vijayawada, Goa, Vizag, Kochi, Mumbai, Pune, Ahmedabad, Surat, Delhi, and Hyderabad in the coming weeks.

Also read: Simple Energy re-launches Simple One e-scooter at INR 1,45,000