Bengaluru-Based Electric Car Start-up Simple Energy Secures $21 Million in Pre-Series Round
The company had hoped to obtain $15 million in funding, but due to overwhelming investor interest, Simple Energy was able to secure a total of $21 million, according to the company.
Manish Bharti of UiPath and Raghunath Subramanian, Non-Executive Chairman, UiPath India, respectively, were the driving forces behind the company's oversubscribed investment round. New investors such as Sattva Group, Athiyas Group, and other high-net-worth individuals (HNIs) also participated in this round.
According to the official announcement, this investment will be used to boost the company's expansion objectives by increasing manufacturing capacity, accelerating new product development, and expanding experience centres.
On August 15, 2021, the EV company, which was established in 2019, debuted its flagship electric scooter, the Simple One. 30,000 customers have pre-ordered the company's flagship e-scooter, according to the company.
Simple Energy, a Bengaluru-based electric vehicle start-up, is attempting to disrupt the Indian two-wheeler market from the ground up.
Simple Energy's founder and CEO, Suhas Rajkumar, stated, “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.”
Manish Bharti of UiPath, who coordinated this round of funding and is a board member of Simple Energy, commented on the announcement, “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. What we need today is the smooth shift to EV. Simple Energy will undoubtedly lead the automobile industry to support the EV push to sustainable mobility.”
“Simple Energy has tremendous potential! Am sure that they 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,” added one of the primary investors in this round, Raghunath Subramanian, is a board member/investor in high-growth startups and the Non-Executive Chairman of UiPath India.
Sattva Group, a new investor in this round, said in a statement, “Green mobility is undoubtedly the need of the hour in the country. Simple Energy will be one of those start-ups that will set the right standards for the EV industry to grow in India. The Simple One electric scooter will redefine the roadmap to shift to an EV as quickly as possible in a hassle-free manner”.