Electric vehicle and clean energy startup Simple Energy Monday said it raised $20 million in its latest funding round that saw participation from the company's current investors, including family offices of Haran, Dr. A Velumani, Vasavi, and Desai, promoter group of Apar Industries, among others.
The company plans to use the funds to scale up the production of electric two-wheelers. The funds will also support the company's entry into new markets, expand its presence across India, and facilitate new product development, it said.
“The capital raised will be tactically deployed to bolster our production capacity and expand our dealership network nationwide,” said Suhas Rajkumar, founder and chief executive officer of Simple Energy.
“As the adoption of electric vehicles (EVs) accelerates significantly in India, we are committed to playing a pivotal role in this burgeoning ecosystem,” said Rajkumar.
On the back of the latest fundraising, the company is targeting a revenue of Rs 150 crore for the financial year ending March 2025.
Simple Energy, which claims to have built India’s longest-range electric scooter, the Simple One, also claims to be manufacturing 95% of its scooter components in-house. It manufactures its vehicles at its 200,000-sq-ft plant located in Shoolagiri, Tamil Nadu.
Simple Energy has two offerings in its portfolio—Simple One with 212 km of certified range and Simple Dot One with 151 km of certified range. Currently, in a pilot phase in Bengaluru, the company has begun deliveries in the city.
It is preparing to open dealership in Bengaluru, Mysore, Chennai, Vijayawada, Goa, Vizag, Kochi, Mumbai, Pune, Ahmedabad, Surat, Delhi, and Hyderabad in the coming weeks.
Prior to this, the company raised $20 million in early 2023 from Thyrocare Technologies Ltd’s founder Arokiaswamy Velumani, Gokaldas Group’s Ashwin Hinduja, Nash Industries owners Sanjay and Sandeep Wadhawa and Purple Moon Ventures, among others. It had also raised $21 million in 2021 from Manish Bharti of UiPath and Raghunath Subramanian, non-executive chairman, UiPath India.
