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Bangalore based electric vehicle startup, Simple Energy has announced that it has raised $21 million in a pre-series funding round. The goal of the pre-series funding round was to raise $15 million but immense interest from investors led to an oversubscribed funding round that saw the company raise $5 million more than its initial target.
This oversubscribed pre-series funding round was led by Simple Energy's current investors and board members, Manish Bharti, and Raghunath Subramanian who are the President- India & South Asia and Non-Executive Chairman (India) respectively of UiPath. Also participating in this round of funding for Simple Energy were new investors like the Sattva Group, Athiyas Group and several high net-worth individuals (HNIs).
Simple Energy claims that the new investment will be used to increase manufacturing capacity, accelerate new product development and expand experience centres, consequently bolstering the company's expansion plans.
Speaking about the overwhelming response to the pre-series funding round, Suhas Rajkumar, Founder & CEO, Simple Energy said, "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."
Speaking on this announcement, Manish Bharti of UiPath, who is a member of the board of Simple Energy and led this latest round of investments into the company stated, "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."
Board member Raghunath Subramanian had this to say about the latest round of funding for Simple Energy, "Simple Energy has tremendous potential! I 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."
A spokesperson for one of the newest investors in the company, Sattva Group stated, "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."
Simple Energy was founded in 2019 and is headquartered in Yelahanka, Bangalore. The company launched its first electric scooter, the Simple One on the 15th of August, 2021. The Simple One is powered by 4.8kWh battery pack that is connected to a single electric motor.
The Simple One's electric motor produces 11.39bhp and 72Nm of torque which the company claims is enough to send the electric scooter from 0-40km/h in just 2.95 seconds and onwards to a top speed of 105km/h. The Simple One's claimed range is 236 kilometres. The company also has its own loop fast charger network.
Thoughts On Simple Energy
Simple Energy is yet another electric vehicle startup that is garnering a lot of attention. The company's Simple One electric scooter is quite a looker and its claimed range and acceleration figures make it one e-scoot we really want to ride soon.