Bangalore-based electric scooter start-up Simple Energy has completed a $21 million (Rs 155 crore) pre-series investment round driven by the company's current investors and board members, Manish Bharti of UiPath and Raghunath Subramanian, non-executive chairman, UiPath India, respectively. The round saw participation from new investors such as Sattva Group, Athiyas Group and some high net-worth individuals (HNIs).
Simple Energy has announced that it has received over 30,000 pre-bookings for its flagship e-scooter, the Simple One. The e-scooter was launched on August 15, at a price tag of Rs 110,000, which excludes state subsidies. The company had started taking bookings for the e-scooter for Rs 1,947.
Powering the Simple One is a 4.5kW motor that develops a claimed max torque figure of 72Nm. This motor gives the scooter a claimed 0-40kph time of 2.95sec. The claimed top speed, meanwhile, is 98kph or 105kph, depending on the tyre choice. The electric scooter has four riding modes – Eco, Ride, Dash and Sonic. The One also sends its power to the rear wheel via a chain drive.
The EV start-up says it will utilise the investment to increase manufacturing capacity, accelerate new product development, and expand experience centres, consequently bolstering the company's expansion plans. The company says it aimed to raise $15 million (Rs 111 crore) in fundraising, but immense investor interest resulted in Simple Energy raising a total of $21 million.
Suhas Rajkumar, founder and CEO, Simple Energy said, “Electric vehicles are here to stay, and Simple Energy is leading its way in revolutionizing 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 offering’s but it will also speed up the production process.”
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.”
Raghunath Subramanian, Board Member/Investor in High Growth Startups and non-exec chairman of UiPath India said “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.”
A spokesperson from Sattva Group, a new investor in this round said, "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. "