EV scooter maker Simple Energy raises $20 Mn in Series A

Electric vehicle and clean energy startup Simple Energy has raised $20 million in its Series A funding round which saw participation from high-net-worth individuals (HNIs) from family offices like the Haran family office, Dr. A Velumani’s family office, Vasavi family office, and the Desai Family office—promoter group of Apar Industries, among others.

The funds will be used to scale up the production of Simple Energy's two key offerings, Simple One and Simple Dot One, the company said in a press release. Additionally, the funds will support the company's entry into new markets, expand its presence across India, and facilitate new product development.

In February last year, the Bengaluru-based company raised $20 million in a bridge round. Prior to that, it had raised $21 million in pre-Series investment in November 2021.

Founded in 2019, Simple Energy  claims that it manufactures 95% of its scooter components in-house. Its two flagship products Simple One and Simple Dot come with 212 and 151 kilometers range. Currently in a pilot phase in Bengaluru, Simple Energy has begun deliveries in the city and is preparing to open dealership stores in Bengaluru, Mysuru, Chennai, Vijayawada, Goa, Vizag, Kochi, Mumbai, Pune, Ahmedabad, Surat, Delhi, and Hyderabad in the coming weeks.

The firm also deals in surface and chassis designs along with battery and motor development and has a 200,000 square feet plant located in Shoolagiri, Tamil Nadu.

As per startup data intelligence platform TheKredible, Simple Energy was in pre revenue stage till FY23 which reported a loss of Rs 32 crore during the fiscal year. While the firm is yet to file its annual report for FY24, it aims to achieve a top line of Rs 150 crore this fiscal year (FY25.

The funding for the EV scooter manufacturer is coming at a time when the top two players from this space – Ola Electric and Ather Energy – are gearing up for public listing. While Ola Electric is already set for stock market debut on August 2, Ather recently turned into a public entity and is likely to file its draft IPO papers soon.