Simple Energy Secures $20 Million In Series A Funding To Boost EV Production

Electric vehicle (EV) and clean energy startup Simple Energy has announced it has raised $20 million in a Series A funding round aimed at scaling up its local production capabilities. The latest round saw participation from prominent investors including high-net-worth individuals (HNIs) from the Haran family office, Dr. A Velumani’s family office, the Vasavi family office, and the Desai Family office, the promoter group of Apar Industries, among others.

Suhas Rajkumar, Founder and CEO of Simple Energy, expressed enthusiasm about the company’s future. “As the adoption of EVs accelerates significantly in India, we commit playing a pivotal role in this burgeoning ecosystem,” he mentions. Moreover, the newly acquire funds will  strategically invest to enhance production capacity and expand the company’s dealership network across the nation.

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Simple Energy is targeting a revenue of Rs 150 crore for this fiscal year. Established in 2019, the company operates a motor manufacturing unit within its 200,000 square feet facility in Shoolagiri, Tamil Nadu. It currently offers two electric two-wheelers: the ‘Simple One,’ with a certified range of 212 kilometers, and the ‘Simple Dot One,’ which boasts a certified range of 151 kilometers.

Currently, the startup is in a pilot phase in Bengaluru, where it has begun deliveries and is preparing to open additional dealership locations in other regions.

However, Balamurugan Arumugam, Chief Growth Officer at Klarity and an HNI investor, emphasized the company’s future prospects: “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.”