Electric vehicle (EV) segment is regularly getting boosts in the Indian market. Clean energy solution startup Simple Energy has lately secured $20 million in Series A funding round. It is learned the fresh capital is to scale up local production for the company.
The funding round witnessed good support from existing investors which includes high-net-worth individuals (HNIs) from various prominent family offices such as the Haran family office, Dr. A Velumani’s family office, Vasavi family office and the Desai Family office.
Founder and CEO Suhas Rajkumar said the adoption of EVs has accelerated significantly in the country and they are committed to play an important role in the ecosystem. He emphasized that the capital raised will be strategically used to enhance production capacity as well as expand the dealership network across India.
Simple Energy was founded in 2019 and operates a motor manufacturing unit. It has a 200,000 square feet manufacturing plant in Shoolagiri, Tamil Nadu. It offers innovative products such as the ‘Simple One’ that boasts a certified range of 212 kilometers and the ‘Simple Dot One’ that is a certified range of 151 kilometers.
Simple Energy is currently in the pilot phase in Bengaluru. It has already started deliveries and is simultaneously preparing to establish dealership stores in other regions. It aims to achieve revenue of Rs 150 crore this fiscal year.
Balamurugan Arumugam, Chief Growth Officer at Klarity and an HNI, said that Simple Energy is sure to redefine the technological advancements of EV two-wheelers in India as well as abroad with its clear vision and a strategic roadmap.
