India-based Simple Energy, an EV startup manufacturer and distributor of electric scooters, raised USD 21 million on 24th November.
Investors: The latest funding round was led by the company’s current investors, Manish Bharti of UiPath and Raghunath Subramanian, Non-Executive Chairman of UiPath India. In addition, Sattva Group, Athiyas Group, and several HNIs participated in the investment round.
Purpose of funding: The startup plans to increase manufacturing capacity, accelerate new product development, and expand experience centres, thus strengthening its expansion plans.
About Simple Energy
Founded in 2019 by Kiran Poojary, Sheetal Shetty, Shreshth Mishra and Suhas Rajkumar, Simple Energy is located in Bangalore, India. Simple Energy is an EV startup manufacturer and distributor of electric scooters. On 15th August 2021, the startup launched its flagship electric scooter, the Simple One electric scooter. According to the company, 30,000 reservations have already been made for its flagship electric scooter.
What the founder has to say
“Electric vehicles are here to stay, and Simple Energy is leading its way in revolutionizing 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 and CEO at Simple Energy.
What the investors have to say
“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,” said Manish Bharti at UiPath.
“Simple Energy has tremendous potential! 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,” said Raghunath Subramanian, Board Member and Non-Exec Chairman at UiPath India.
“Green mobility is undoubtedly the need of the hour in the country. Simple Energy will be one of those startups 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,” said a spokesperson from Sattva Group.
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