Simple Energy, an Indian clean energy and electric vehicle start-up has raised $20 million in Series A funding. The company plans to use these funds to boost the production of its main products, the Simple One and Simple Dot One.
In addition to scaling up production, Simple Energy will allocate the capital towards expanding its market presence across India and developing new products. Simple Energy aims for a revenue of Rs. 150 crore for the current fiscal year.
Suhas Rajkumar, Founder & CEO of Simple Energy, stated, “With the rapid increase in electric vehicle (EV) adoption in India, we are committed to being a key player in this growing ecosystem. The positive response from our initial customers in Bangalore has been incredible, and we are grateful to our investors for their confidence in our brand. The funds raised will be strategically used to enhance our production capacity and expand our dealership network across the country.”
Balamurugan Arumugam, Chief Growth Officer at Klarity and a high-net-worth individual who participated in the funding round remarked, “In the sustainable transportation sector, Simple Energy stands out as a symbol of innovation and progress. Simple Energy, with its clear vision and strategic growth plan, is poised to revolutionize the market for advanced EV two-wheelers in India and beyond. As the brand continues to gain traction, it is poised to not only capture the local market but also become a globally recognized leader in sustainable mobility, appealing to individuals worldwide who value innovation and environmental sustainability.”
