July 29, 2024: Simple Energy, a electric vehicle and clean energy startup, has secured $20 million to scale up the production of : Simple One and Simple Dot One EV series of scooters . It also plans to foray into new markets, widen its footprints in India, and accelerate new product development.
The Bengaluru based startup target to accomplish 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.
Simple Energy to invest in boosting production of simple one and dot one scooters
“The capital raised will be tactically deployed to bolster our production capacity and expand our dealership network nationwide,” Rajkumar added.
Founded in 2019, by Suhas Rajkumar and Shreshth Mishra, the startup strives to innovate and develop everything in-house—from surface and chassis design to battery and motor development.
Presently, 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.
The fresh series A round of funding by Simple Energy have 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
