EV and clean energy startup Simple Energy has raised $20 million in its Series A funding round from existing investors in the likes of high-net-worth individuals (HNIs) from family office such as Haran family, Vasavi family office, Dr. A Velumani family office, and promoter group of Apar Industries-Desai family office and more.
These funds are set to be utilized to expand the startup’s footprint across the country, new product development, scale up its two EV scooter offerings-Simple One & Simple Dot One, and open entries to new markets. The Bengaluru based startup’s production capacity and dealership network will also be assisted through the funds as per the Founder & CEO Suhas Rajkumar.
Rajkumar founded Simple Energy in 2019 along with Rajukumar, Hrishikesh Bhargava, Kiran Poojary, Shresth Mishra, and Sheetal Shetty. The EV startup’s offering are currently in pilot phase in Bengaluru while it aims for open dealership stores in coming weeks in Mysuru, Hyderabad, Ahmedabad, Goa, Delhi, Kochi, Mumbai, Pune, Vizag, Chennai, Vijayawada, Surat, in addition to Bengaluru.
In October 2021, the startup had raised $21 million in its Pre Series round, followed by an undisclosed sum in March 2022. In February 2024, Simple Energy secured $20 million in its ongoing bridge funding round.
