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 in its Series A funding round from a host of existing investors.
Among the investors include the likes of high-net-worth individuals (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 Rajukumar, Hrishikesh Bhargava, 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.
(The story will be updated soon)
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