Electric vehicle (EV) startup Simple Energy has announced the successful raise of $20 million in a Series A funding round.
This fresh infusion of capital is set to turbocharge the company’s efforts to ramp up production of its electric scooters, the Simple One and Simple Dot One, and to accelerate its expansion into new markets across India.
The Series A funding round follows Simple Energy’s Seed Round and underscores the company’s solid footing and ambitious growth trajectory. The round saw significant participation from existing investors, including high-net-worth individuals (HNIs) from prominent family offices such as the Haran family office, A Velumani’s family office, Vasavi family office, and the Desai family office, among others.
The newly raised capital will be strategically deployed to scale up production capabilities and expand Simple Energy’s dealership network nationwide. “As the adoption of electric vehicles (EVs) accelerates significantly in India, we are committed to playing a pivotal role in this burgeoning ecosystem,” said Suhas Rajkumar, Founder and CEO of Simple Energy. “The capital raised will be tactically deployed to bolster our production capacity and expand our dealership network nationwide.”
Simple Energy aims to achieve a top line of Rs 150 crore this financial year, leveraging the fresh capital to enhance its market presence and introduce new products. “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,” remarked Balamurugan Arumugam, Chief Growth Officer at Klarity, an HNI who participated in the round.
Simple Energy is poised to capture the local market and emerge as a globally recognized leader in sustainable mobility. The company’s flagship product, the Simple One, boasts the longest range among electric scooters in India. With 95% of its scooter components manufactured in-house and a state-of-the-art motor manufacturing line within its 200,000 square foot plant in Shoolagiri, Tamil Nadu, Simple Energy is set to lead the EV market.
With the latest $20 million Series A funding, Simple Energy is well-positioned to scale its production, expand its market reach, and introduce innovative products that will drive the adoption of electric vehicles in India. 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.
