The company had planned only to raise USD 15 million, but immense investor interest resulted in Simple Energy raising USD 21 million
EV startup Simple Energy has raised USD 21 million in a pre-series investment round, the company announced. The funding round was driven by the company’s current investors and board members, Manish Bharti of UiPath and Raghunath Subramanian, Non-Executive Chairman, UiPath India, respectively.
This round also witnessed participation from new investors like the Sattva Group, Athiyas Group and several high net-worth individuals (HNIs).
As per the company, this investment will be utilized to increase manufacturing capacity, accelerate new product development, and expand experience centres, to bolster the its expansion plans.
Founded in 2019 in Bengaluru, Simple Energy launched its maiden electric scooter Simple One on August 15 this year, priced at INR 1,09,999 (ex-showroom).
Suhas Rajkumar, founder & CEO, 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 pre-series round will not only help us broaden our product offerings but will also speed up the production process.”
The company had plans only to raise USD 15 million, but immense investor interest resulted in Simple Energy raising USD 21 million, the startup said.
Manish Bharti of UiPath said, “I believe in supporting clean-energy startups like Simple Energy that will create a positive impact on many aspects – like mass mobility, clean environment and overall conservation of ecosystem.”
Raghunath Subramanian, board member investor in high growth startups and non-executive chairman of UiPath India, said “Simple Energy has tremendous potential. I am sure that it will spearhead innovation in the industry and make a mark for India on the global EV map. This new entrant in the Indian automobile industry is here to stay and disrupt this space.”