In its Series A funding round, high-net-worth individuals (HNIs) from family offices, such as the Desai family office—promoter group of Apar Industries—and the offices of Dr. A. Velumani, Haran, and Vasavi, among others, contributed $20 million to the electric vehicle and clean energy startup Simple Energy.
According to a press release from the company, the money will be utilised to increase production of Simple Energy’s two main products, Simple One and Simple Dot One. The money will also help the business launch new products, increase its footprint throughout India, and penetrate new markets.
The Bengaluru-based business secured $20 million in a bridge financing in February of last year. It has previously secured $21 million in November 2021 for pre-Series financing.
Simple Energy, a 2019 startup, states that 95% of the parts for its scooters are produced internally. Simple One and Simple Dot, the company’s two flagship products, have respective ranges of 212 and 151 kilometres.
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Simple Energy, which is now in a trial program in Bengaluru, has started deliveries in the city and is getting ready to open dealerships in the next few weeks in Bengaluru, Mysuru, Chennai, Vijayawada, Goa, Vizag, Kochi, Mumbai, Pune, Ahmedabad, Surat, Delhi, and Hyderabad.
The company, which has a 200,000 square foot complex in Shoolagiri, Tamil Nadu, also works on battery and motor development, surface and chassis designs.
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Up until FY23, Simple Energy was in the pre-revenue stage, according to startup data intelligence platform TheKredible, which recorded a loss of Rs 32 crore for the fiscal year. Although the company has not yet submitted its FY24 annual report, its goal for this fiscal year (FY25) is to generate a top line of Rs 150 crore.
The top two companies in this market, Ather Energy and Ola Electric, are getting ready to go public while the maker of EV scooters is receiving finance. Ather recently become a public company and is probably going to file its draft IPO papers soon, even though Ola Electric is already scheduled to make its stock market debut on August 2.
About Simple Energy
Simpleenergy, there is a strong belief in the #FutureOfMobility, which is driven by domestic engineering and design. The innovation is contributing to the resolution of global concerns for the future, whether it is by improving battery performance for longer ride durations or enhancing design robustness for unmatched performance.
