Simple Energy, a renewable energy and electric vehicle (EV) startup, said on Monday that it has raised $20 million in Series A funding to expand local production.
Current investors participated in the investment round, including high-net-worth individuals (HNIs) from the Vasavi, Haran, and Dr. A. Velumani’s families as well as the Desai family, which is the promoter group of Apar Industries.
The founder and CEO of Simple Energy, Suhas Rajkumar, stated, “We are committed to playing a pivotal role in this burgeoning ecosystem as the adoption of EVs accelerates significantly in India.”
He continued, saying that the money raised will be strategically used to increase “our production capacity and expand our dealership network nationwide.”
This fiscal year, the firm wants to generate a top line of Rs 150 crore.
Simple Energy was established in 2019 and is based in Shoolagiri, Tamil Nadu. Its 200,000 square foot plant houses a motor production unit.
It provides “Simple One” electric two-wheelers with a certified range of 212 km and “Simple Dot One” electric two-wheelers with a certified range of 151 km.
The firm, which is in Bengaluru for now, has started delivering in the city and is getting ready to expand dealerships in other areas.
Balamurugan Arumugam, Chief Growth Officer of Klarity, an HNI that took part in the round, stated, “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.”
