Simple Energy, located in Bengaluru, said on Wednesday that it has secured $21 million in a fundraising round. The goal was to achieve $15 million in fundraising, but due to overwhelming investor interest, Simple Energy raised more funds in the pre-series financing round, according to a release.
The company’s existing financiers and board members, Manish Bharti and Raghunath Subramanian, Non-executive Chairman, both from UiPath India, respectively, drove the investment round.
This round of financing also included new investors, Sattva Group, Athiyas Group, and other high net-worth individuals (HNIs), according to the company.
According to a statement made by Simple Energy, the startup’s ultimate expansion objectives includes the improvement of production capacity, expedite development of new products and expansion of experience centres with the use of new investment capital.
Founder and CEO of Simple Energy, Suhas Rajkumar said that “The pre-series round will not only help us broaden our product offerings, but it will also speed up the production process,”
He further added, electric vehicles are here to stay, and Simple Energy is paving the charge in revamping the country’s automobile sector. Our existing and new investors’ ongoing support indicates their conviction and confidence in the brand and the industry.
Manish Bharti of UiPath, who spearheaded this round of financing and is a board member of Simple Energy, commented on the release:
“I believe in supporting clean-energy startups like Simple Energy that will a create 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. “
Adding more to his statement, Bharti expressed belief in Simple Energy and stated that it will likely lead the auto industry in supporting the EV push toward sustainable transportation.
Simple Energy has enormous potential; it will pioneer industry innovation; this new entry in the Indian vehicle industry will challenge this market, putting India on the global EV map, Subramanian expressed.
Simple Energy was formed in 2019 with the goal of increasing the accessibility, affordability, security, and comfort of electric automobiles. Following this, the company launched its first electric scooter, Simple One, on 15 August this year.
Aiming to install charging stations, Simple Loop, in public places and for clients, the enterprise will feature approximately 300 stations in 13 states over the next seven months.
However, the startup has not specified a time frame for commercial deliveries of its EV scooters to consumers.