High-net-worth individuals (HNIs) from family offices, such as the Desai family office—promoter group of Apar Industries—and the offices of Dr. A. Velumani, Haran, and Vasavi, have contributed $20 million to the Series A funding round of the clean energy and electric vehicle startup Simple Energy.
Simple Energy stated in a press release that the money will be utilized to increase the production of Simple One and Simple Dot One, the company’s two main products. In addition, the money will help the business develop new products, penetrate new markets, and increase its visibility throughout India.
The Bengaluru-based business completed a bridge round in February of last year, raising $20 million. Before then, in November 2021, it had raised $21 million in pre-Series investment.
Simple Energy, which was established in 2019, asserts that 95% of the parts for its scooters are produced internally. With a range of 212 and 151 kilometers, respectively, are its two flagship products, Simple One and Simple Dot. In the upcoming weeks, Simple Energy, which is currently in a pilot program in Bengaluru, plans to open dealership stores in Bengaluru, Mysuru, Chennai, Vijayawada, Goa, Vizag, Kochi, Mumbai, Pune, Ahmedabad, Surat, Delhi, and Hyderabad. Simple Energy has also started making deliveries in the city.
The company, which has a 200,000-square-foot plant in Shoolagiri, Tamil Nadu, also works on battery and motor development, surface and chassis designs.
Up until FY23, Simple Energy was in the pre-revenue stage, according to the media, which recorded a loss of Rs 32 crore for the fiscal year. Although the company has not yet submitted its FY24 annual report, its goal for this fiscal year (FY25) is to generate a top line of Rs 150 crore.
