EV startup Simple Energy has announced the completion of a $21 million pre-series funding round led by existing investors Manish Bharti and Raghunath Subramanian. Sattva Group, Athiyas Group and HNIs also participated in the round.
The company had aimed to raise $15 million in fundraising, but immense investor interest resulted in raising a total of $21 million. The investment will be utilized to increase manufacturing capacity, accelerate new product development, and expand experience centres.
Founded in 2019 by Suhas Rajkumar, Ankit Gupta and Shreshth Mishra, Simple Energy manufacturers custom-built two wheeler EVs.
From surface design, to chassis design, battery and motor development, the Bengaluru-based company develops everything in its in-house units to address range anxiety, charging time and affordability related concerns.