The EV manufacturer says the funds will be utilised for product development, setting up of experience centres and boosting Phase 1 of production.
Bengaluru-based electric vehicle start-up Simple Energy has announced the completion of a $21 million pre-series investment round. The company has announced in a press statement that the oversubscribed 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. The round also witnessed participation of new investors, namely, Sattva Group, Athiyas Group and several high net-worth individuals. The company is also working on a 2,00,000 square feet factory in Hosur, Tamil Nadu. Simple Energy intends to produce 1 million scooters annually in Phase 1 of its factory operations.
According to Simple Energy, the fresh investment will be utilised to increase manufacturing capacity, accelerate new product development, and expand experience centres. In a press statement, Simple Energy said that the company had aimed to raise $15 million in fundraising, but immense investor interest resulted in raising a total of $21 million.
“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,” said Suhas Rajkumar, Founder & CEO, Simple Energy.
Also Read: All You Need To Know About Simple Energy
Speaking on this announcement, Manish Bharti of UiPath, who led this round of investments and a Board member of Simple Energy said, “I believe in supporting clean-energy startups like Simple Energy that will a create 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 was founded in 2019 and aims to accelerate the adoption of electric vehicles by making them more accessible, affordable, secure and comfortable. On August 15, 2021, the company launched its flagship electric scooter, the Simple One with four riding modes, a top speed of over 100 kmph, and range of over 200 km in Eco mode. Simple Energy will also set up charging stations for customers and in public spaces. It’s called the Simple Loop and the charging network will include over 300 stations in the next seven months across 13 states.