Simple Energy’s Big Leap: Raising $20 Million in Series A Funding
Simple Energy Raises $20M in Funding to Boost EV Market. This substantial investment is set to propel the company’s growth, accelerating the production and market expansion of its innovative electric scooters. Simple Energy aims to revolutionize sustainable mobility in India with this fresh infusion of capital.
Who’s Backing Simple Energy?
The funding round saw substantial participation from existing investors, including notable high-net-worth individuals (HNIs) from prominent family offices like the Haran, A Velumani, Vasavi, and Desai family offices.
What’s Next for Simple Energy?
With this new capital infusion, Simple Energy is set to enhance its production capabilities, expand into new markets, and develop new products. The company plans to broaden its reach across India and achieve a revenue target of Rs 150 crore this financial year.
Leadership Speaks
Suhas Rajkumar, Founder and CEO of Simple Energy, expressed his commitment to contributing to the rapidly growing EV ecosystem in India. Meanwhile, Balamurugan Arumugam, Chief Growth Officer at Klarity, highlighted the company’s potential to become a global leader in sustainable mobility.
Unique Selling Proposition
Simple Energy prides itself on manufacturing 95% of its scooter components in-house. The Simple One boasts the longest range among India’s electric scooters, produced in a state-of-the-art facility in Shoolagiri, Tamil Nadu.
Expansion Plans Following Simple Energy Raises $20M in Funding
The company is currently in a pilot phase in Bangalore, with plans to open dealership stores in various cities, including Mysore, Chennai, Vijayawada, Goa, Vizag, Kochi, Mumbai, Pune, Ahmedabad, Surat, Delhi, and Hyderabad.
Previous Funding Rounds
Earlier this year, Simple Energy raised over $20 million in its Bridge round and $21 million in October 2021 during its Pre-Series funding round.