Simple Energy, a Bengaluru-based electric vehicle (EV) and clean energy startup, has successfully raised $20 million in its Series A funding round. The funding round witnessed significant participation from the company’s existing investors, including high-net-worth individuals (HNIs) from prominent family offices such as the Haran family office, Dr. A Velumani’s family office, the Vasavi family office, the Desai Family office, and the promoter group of Apar Industries.
According to the company’s statement, the newly acquired funds will be utilized to scale up the production of its two key offerings: the Simple One and Simple Dot One. In addition to ramping up production, Simple Energy plans to penetrate new markets, expand its presence across India, and drive new product development initiatives.
The startup, founded in 2019 by Suhas Rajkumar and Shreshth Mishra, aims to achieve a top line of Rs 150 crore this fiscal year. Speaking on the funding and future plans, Suhas Rajkumar, Founder and CEO of Simple Energy, expressed his excitement and gratitude:
“As the adoption of electric vehicles (EVs) accelerates significantly in India, we are committed to playing a pivotal role in this burgeoning ecosystem. The enthusiastic reception from our initial customer base in Bangalore has been truly remarkable, and we extend our heartfelt appreciation to all our investors for their trust in our brand. The capital raised will be tactically deployed to bolster our production capacity and expand our dealership network nationwide.”
Simple Energy prides itself on innovating and developing all aspects of its products in-house, from surface and chassis design to battery and motor development. Currently in the pilot phase in Bengaluru, the company has already commenced deliveries in the city. Looking ahead, Simple Energy is preparing to open dealership stores in various cities including Bengaluru, Mysuru, Chennai, Vijayawada, Goa, Vizag, Kochi, Mumbai, Pune, Ahmedabad, Surat, Delhi, and Hyderabad in the coming weeks.
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