Backed by a $20 million fund, Bengaluru-based Simple Energy plans to increase the production capacity of electric scooters and expand its nationwide dealership network.
Electric vehicle startup Simple Energy announced on Monday that it had raised $20 million in its Series A funding round with participation from the company’s current investors, such as high-net-worth individuals (HNIs) from notable family offices like the Haran family office, Dr A Velumani’s family office, Vasavi family office, and the Desai family office—a promoter group of Apar Industries, among others.
These funds are set to expand the startup’s footprint nationwide, develop new products, scale up its two EV scooter offerings—Simple One and Simple Dot One—and open entries to new markets.
Additionally, the funds will support the company’s entry into new markets, expand its presence across India, and facilitate new product development.
Currently piloting in Bangalore, Simple Energy plans to expand with dealerships in major cities across India, including Bangalore, Mysore, Chennai, Vijayawada, Goa, Vizag, Kochi, Mumbai, Pune, Ahmedabad, Surat, Delhi, and Hyderabad, in the coming weeks. Having raised the fresh round, Simple Energy aims to achieve a top line of Rs 150 crore this financial year.
As the brand gains momentum, it is poised to not only capture the local market but also emerge as a globally recognized leader in sustainable mobility, resonating with individuals worldwide who value innovation and environmental consciousness.
