Electric vehicle and clean energy startup Simple Energy has secured $20 million in a Series A funding round, with investments from high-net-worth individuals (HNIs) associated with family offices such as the Haran family office, Dr. A Velumani’s family office, Vasavi family office, and the Desai Family office, which is linked to Apar Industries. According to a press release from Simple Energy, the fresh capital will be directed toward scaling up the production of its two main products, the Simple One and Simple Dot One electric scooters. Additionally, the funds will support the company’s expansion into new markets across India and aid in the development of new products.
Simple Energy, based in Bengaluru, had previously raised $20 million in a bridge round in February, following a $21 million pre-Series investment in November 2021. The company, founded in 2019, claims that it manufactures 95% of its scooter components in-house. The Simple One and Simple Dot One scooters offer ranges of 212 and 151 kilometers, respectively. Currently, the company is piloting its operations in Bengaluru and has started delivering scooters in the city. Plans are underway to establish dealership stores in other cities including Mysuru, Chennai, Vijayawada, Goa, Vizag, Kochi, Mumbai, Pune, Ahmedabad, Surat, Delhi, and Hyderabad in the near future.
In addition to its scooters, Simple Energy also engages in surface and chassis design, as well as battery and motor development. The company operates a 200,000 square-foot manufacturing facility located in Shoolagiri, Tamil Nadu. According to TheKredible, a startup data intelligence platform, Simple Energy was in the pre-revenue stage until the end of the fiscal year 2023, during which it reported a loss of Rs 32 crore. While the company has not yet filed its annual report for FY24, it is aiming for a top line of Rs 150 crore in the current fiscal year (FY25).
This funding round for Simple Energy comes at a time when major players in the Indian electric scooter market, Ola Electric and Ather Energy, are preparing for public listings. Ola Electric is set to debut on the stock market on August 2, while Ather Energy, having recently become a public entity, is expected to file its draft IPO papers soon.