Bengaluru-based electric vehicle and clean energy startup Simple Energy has successfully raised $20 million in its Series A funding round. The round saw notable participation from high-net-worth individuals and family offices, including the Haran family office, Dr A Velumani’s family office, the Vasavi family office, and the Desai Family office, associated with Apar Industries.
The latest funds are earmarked for scaling up the production of Simple Energy’s flagship products, the Simple One and Simple Dot One scooters. The investment will also support the company’s expansion into new markets, enhance its footprint across India, and fuel ongoing product development.
Simple Energy, established in 2019, has previously raised $21 million in pre-Series investments and $20 million in a bridge round last February. The company boasts manufacturing capabilities with 95% of its scooter components produced in-house. Its scooters, Simple One and Simple Dot One offer impressive ranges of 212 km and 151 km respectively.
Currently, the company is in the pilot phase of operations in Bengaluru and has commenced deliveries. It plans to open dealership stores in key cities including Bengaluru, Mysuru, Chennai, Vijayawada, Goa, Vizag, Kochi, Mumbai, Pune, Ahmedabad, Surat, Delhi, and Hyderabad in the near future.
In addition to its focus on scooters, Simple Energy is involved in surface and chassis designs, as well as battery and motor development. The company operates from a 200,000-square-foot manufacturing plant located in Shoolagiri, Tamil Nadu.
The Series A funding comes at a pivotal time for the electric vehicle sector in India, with major players like Ola Electric and Ather Energy gearing up 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.
