Electric vehicle (EV) and clean energy startup Simple Energy has successfully raised $20 million in its Series A funding round. This round saw participation from high-net-worth individuals (HNIs) associated with various family offices, including the Haran family office, Dr. A Velumani’s family office, Vasavi family office, and the Desai family office, which is part of the promoter group of Apar Industries, among others.
PC: Times Now
The newly acquired funds are earmarked for scaling up the production of Simple Energy’s flagship products, Simple One and Simple Dot One. These funds will also facilitate the company’s expansion into new markets across India, support the development of new products, and enhance its overall market presence.
Simple Energy, founded in 2019, has made significant strides in the EV sector. The company claims that 95% of its scooter components are manufactured in-house. Its two main offerings, Simple One and Simple Dot One, boast ranges of 212 kilometers and 151 kilometers, respectively. Currently, the company is in the pilot phase in Bengaluru, where it has begun deliveries. Plans are underway to open dealership stores in several cities, including Bengaluru, Mysuru, Chennai, Vijayawada, Goa, Vizag, Kochi, Mumbai, Pune, Ahmedabad, Surat, Delhi, and Hyderabad in the coming weeks.
The company operates a 200,000 square feet manufacturing plant located in Shoolagiri, Tamil Nadu, where it focuses on surface and chassis designs, as well as battery and motor development. This facility underscores Simple Energy’s commitment to innovation and quality in the EV market.
In the past, Simple Energy has successfully raised funds to support its growth. In February of the previous year, the company secured $20 million in a bridge round. Prior to that, it raised $21 million in a pre-Series investment round in November 2021. Despite being in the pre-revenue stage until FY23, where it reported a loss of Rs 32 crore, Simple Energy is optimistic about its financial future. The company aims to achieve a top line of Rs 150 crore in the current fiscal year (FY25).
The timing of this funding round is significant as it comes when the top two players in the EV scooter market, Ola Electric and Ather Energy, are preparing for public listings. Ola Electric is set to debut on the stock market on August 2, while Ather Energy has recently become a public entity and is expected to file its draft IPO papers soon.
Simple Energy’s latest funding round positions the company well to compete with these industry giants. The infusion of capital will enable Simple Energy to enhance its production capabilities, expand its market reach, and continue innovating in the EV sector. As the company moves forward, it remains committed to providing high-quality, sustainable transportation solutions to its customers.
