EV startup Simple Energy raises $20M in Series A funding round
The funds will support the company's entry into new markets, expand its presence across India, and facilitate new product development.
, a Bengaluru-based electric vehicle and clean energy startup, has raised $20 million in its Series A funding round.
The round saw participation from the company's current investors, including high-net-worth individuals (HNIs) from notable family offices such as the Haran family office, Dr A Velumani’s family office, the Vasavi family office, the Desai Family office, and the promoter group of Apar Industries.
According to a statement, Simple Energy will use the funds to scale up the production of its two key offerings: Simple One and Simple Dot One. It also plans to enter new markets, expand its presence across India, and facilitate new product development.
The company aims to achieve a top line of Rs 150 crore this fiscal year.
“As the adoption of electric vehicles (EVs) accelerates significantly in India, we are committed to playing a pivotal role in this burgeoning ecosystem. The enthusiastic reception from our initial customer base in Bangalore has been truly remarkable, and we extend our heartfelt appreciation to all our investors for their trust in our brand," 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,” he added.
Founded in 2019, by Suhas Rajkumar and Shreshth Mishra, the brand strives to innovate and develop everything in-house—from surface and chassis design to battery and motor development.
Currently in a pilot phase in Bengaluru, Simple Energy has begun deliveries in the city. It is preparing to open dealership stores in Bengaluru, Mysuru, Chennai, Vijayawada, Goa, Vizag, Kochi, Mumbai, Pune, Ahmedabad, Surat, Delhi, and Hyderabad in the coming weeks.
Edited by Swetha Kannan