Electric Vehicle Maker Simple Energy Secures $ 21 Million Funding, Energy News, ET EnergyWorld

Bombay: Bengaluru-based electric vehicle maker Simple Energy said on Wednesday it had raised $ 21 million (around Rs 156 crore) in a funding round. The goal was to raise $ 15 million in fundraising, but immense investor interest led the company to mop up more capital in the pre-series investment cycle, Simple Energy said in a statement.

The oversubscribed funding round was led by the company’s current investors and board members, Manish Bharti of UiPath and Raghunath Subramanian, non-executive chairman of UiPath India, respectively.

This cycle also saw the participation of new investors such as Sattva Group, Athiyas Group and several high net worth individuals (HNI), he said.

This new capital will be used to increase manufacturing capacity, accelerate the development of new products and expand experience centers, thereby strengthening the company’s expansion plans, the company said.

“The pre-production cycle will not only help us expand our product offering, but it will also speed up the production process,” said Suhas Rajkumar, Founder and CEO of Simple Energy.

Noting that electric vehicles are here to stay and that Simple Energy is leading the way in the revolution of the domestic auto industry, he said, the continued support received from existing and new investors reflects their conviction and confidence in the brand and industry.

Founded in 2019, Simple Energy launched its flagship electric scooter, Simple One, on August 15 of this year.

“I believe in supporting clean energy startups like Simple Energy that will create a positive impact in many aspects – like mass mobility, a clean environment and overall ecosystem conservation. What we need today is a smooth switch to EV. Simple Energy will undoubtedly be the automotive industry leader in supporting the EV push towards sustainable mobility, ”said Bharti.

Commenting on its investment in the EV company, Subramanian said Simple Energy has huge potential and will spearhead innovation in the industry.

Virginia C. Taylor