Funding Raised by Simple Energy
To expand and scale up production EV & clean energy startup Simple Energy has secured $20 million in its Series A funding. This is mainly to expand footprints and scale up production of electric vehicles (EVs) and reports state that company aims to achieve a top line of ₹150 crore this fiscal year.
The funding round saw participation from the company’s current and new investors, the company said in a statement.
What is series A
Series A Round follows the Seed Round. If a company goes for Series A funding, it means that it is on firm footing now, and is trying to scale the product. In this round participation from the company’s current investors, such as family offices like the Haran family office, Dr. A Velumani’s family office, Vasavi family office, and the Desai Family office—promoter group of Apar Industries, among others.
Suhas Rajkumar, Founder & CEO of Simple Energy, said, “As the adoption of electric vehicles (EVs) accelerates significantly in India, we are committed to playing a pivotal role in this burgeoning ecosystem. The capital raised will be tactically 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, the Bengaluru-based EV startup is 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 $20 million as a part of its ongoing bridge funding round to ramp up production of its electric scooter. Earlier it raised an undisclosed amount in March 2022 followed by $21 million funding in October 2021 in its Pre-Series round.
The company’s has its manufacturing line within its 200,000 sq ft plant located in Shoolagiri, Tamil Nadu.
Currently in a pilot phase in Bengaluru, Simple Energy has begun deliveries in the city and is preparing to open dealership stores in Bengaluru, Mysore, Chennai, Vijayawada, Goa, Vizag, Kochi, Mumbai, Pune, Ahmedabad, Surat, Delhi, and Hyderabad in the coming weeks, the statement said.
Simple Energy has two offerings in its portfolio—Simple One with 212 km of certified range and Simple Dot One with 151 km of certified range.
