Simple Energy, an Indian electric vehicle and clean energy start-up, has secured $20 million in Series A funding. The funds will be allocated to increase production of Simple Energy's two main products, Simple One and Simple Dot One.
The company also plans to use the capital for market expansion across India, and developing new products. Simple Energy aims to achieve a top line of INR 150 crore in the current fiscal year.
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 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. The capital raised will be tactically deployed to bolster our production capacity and expand our dealership network nationwide.”
Balamurugan Arumugam, Chief Growth Officer at Klarity, an HNI who participated in the round, said, “In the realm of sustainable transportation, Simple Energy shines as a beacon of innovation and progress. With a clear vision and a strategic roadmap mapped out for the next phase of growth, Simple Energy is primed to redefine the landscape of technologically advanced EV two-wheelers in India and beyond. As the brand gains momentum, it is poised to not only capture the local market but also emerge as a globally recognized leader in sustainable mobility, resonating with individuals worldwide who value innovation and environmental consciousness.”
Simple Energy is known for producing a long range electric scooter, the Simple One. The company manufactures 95% of its scooter components in-house and operates a motor manufacturing line within its 200,000 sq ft plant in Shoolagiri, Tamil Nadu.