EV Startup Simple Energy Raises $21 Million In Pre-series Funding Round
Simple Energy, a Bengaluru-based electric vehicle startup, has announced the completion of a $21 million (Rs 155 crore) pre-series investment round.
Driven by the company’s current investors and board members, Manish Bharti of UiPath and Raghunath Subramanian (Non-Executive Chairman, UiPath India), respectively, this oversubscribed funding round also witnessed participation from new investors such as Athiyas Group, Sattva Group, and several high net-worth individuals (HNIs).
The Bengaluru-based electric vehicle startup plans to increase manufacturing capacity, accelerate new product development, and expand experience centres, consequently bolstering the company’s expansion plans.
Simple Energy | Building Te Next Generation Electric Scooter
Founded by Suhas Rajkumar in 2019, Simple Energy is on a mission to build the future of mobility that is electric and connected. The EV startup claims to have received 30,000 pre-bookings for its flagship e-scooter, the Simple One electric scooter, launched on 15th August 2021.
Speaking on the development, Suhas Rajkumar, Founder and CEO of Simple Energy, said,
“Electric vehicles are here to stay, and Simple Energy is leading its way in revolutionising the automobile industry in the country. The continuous support received from our existing and new investors reflects their belief and confidence in the brand and the sector. The pre-series round will not only help us broaden our product offerings, but it will also speed up the production process.”
Simple Energy had aimed to raise $15 million in fundraising, but immense investor interest resulted in Simple Energy raising a total of $21 million.
Raghunath Subramanian, Non-Exec Chairman of UiPath India, stated that being a new entrant in the Indian Automobile Industry, Simple Energy is here to stay and disrupt this space.
The electric vehicle sector in India has witnessed greater acceptability backed by increased government push, automakers rolling out EVs, and the increasing participation of a large number of startups. The growth is quite evident from the fact that multiple startups in the EV space are raising seed funds.
Last week, Bengaluru-based transportation and logistics focussed EV startup 3EV Industries raised $2 Mn in its seed funding round. Also, EV charging platform ElectricPe raised $3 million in a seed funding round.
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