[Funding alert] EV startup Simple Energy raises $21M in oversubscribed pre-series round
According to an official statement, this investment will be utilised to increase manufacturing capacity, accelerate new product development, and expand experience centres, consequently bolstering the company's expansion plans.
Bengaluru-based electric vehicle startupon Monday announced the completion of a $21 million (Rs 155 crore) pre-series investment round.
The company had aimed to raise $15 million in fundraising, but immense investor interest resulted in Simple Energy raising a total of $21 million, it stated.
The oversubscribed funding round was driven by the company's current investors and board members, Manish Bharti of UiPath and Raghunath Subramanian, Non-Executive Chairman, UiPath India, respectively. This round also witnessed participation from new investors such as Sattva Group, Athiyas Group and several high net-worth individuals (HNIs).
According to the official statement, this investment will be utilised to increase manufacturing capacity, accelerate new product development, and expand experience centres, consequently bolstering the company's expansion plans.
Founded in 2019, the EV startup launched its flagship electric scooter, the Simple One electric scooter on 15th August 2021. It claims to have received 30,000 pre-bookings for its flagship e-scooter.
Suhas Rajkumar, Founder and CEO, Simple Energy said,
“Electric vehicles are here to stay, and Simple Energy is leading its way in revolutionising the automobile industry in the country. The continuous support received from our existing and new investors reflects their belief and confidence in the brand and the sector. The pre-series round will not only help us broaden our product offerings but it will also speed up the production process.”
Speaking on this announcement, Manish Bharti of UiPath, who led this round of investments and a Board member of Simple Energy said,
“I believe in supporting clean-energy startups like Simple Energy that will create a positive impact on many aspects - like mass mobility, clean environment and overall conservation of ecosystem. What we need today is the smooth shift to EV. Simple Energy will undoubtedly lead the automobile industry to support the EV push to sustainable mobility.”
“Simple Energy has tremendous potential! Am sure that they will spearhead innovation in the industry and make a mark for India on the global EV map! This new entrant in the Indian Automobile Industry is here to stay and disrupt this space,” added Raghunath Subramanian, Board Member/Investor in High Growth Startups and Non-Exec Chairman of UiPath India who is one of the lead investors in this round said
A spokesperson from Sattva Group, a new investor in this round stated, "Green mobility is undoubtedly the need of the hour in the country. Simple Energy will be one of those start-ups that will set the right standards for the EV industry to grow in India. The Simple One electric scooter will redefine the roadmap to shift to an EV as quickly as possible in a hassle-free manner."
Edited by Anju Narayanan