Bengaluru-based EV startup Simple Energy raises $20 million in a Series A round

Bengaluru-based electric vehicle (EV) and clean energy startup Simple Energy has raised $20 million in a Series A funding round.

The round was led by several high-net-worth individuals (HNIs) associated with various family offices, including the Haran family office, Dr. A Velumani’s family office, Vasavi family office, and the Desai family office, which is part of the promoter group of Apar Industries.

Enhancing production capabilities 

The startup plans to use the raised funds to enhance its production capabilities and expand its dealership network across India.

"As the adoption of EVs accelerates significantly in India, we are committed to playing a pivotal role in this burgeoning ecosystem," said Suhas Rajkumar, Founder and CEO of Simple Energy. 

What does Simple Energy do?

Founded in 2019, Simple Energy operates a motor manufacturing unit within its 200,000 square feet plant located in Shoolagiri, Tamil Nadu.

The startup offers two key products: the 'Simple One', which has a certified range of 212 kilometres, and the 'Simple Dot One', with a certified range of 151 kilometres.

"With a clear vision and a strategic roadmap mapped out for the next phase of growth, Simple Energy is primed to redefine the landscape of technologically advanced EV two-wheelers in India and beyond," said Balamurugan Arumugam, Chief Growth Officer at Klarity and an HNI participant in the funding round.

“As the brand gains momentum, it is poised to not only capture the local market but also emerge as a globally recognised leader in sustainable mobility, resonating with individuals worldwide who value innovation and environmental consciousness,” he added.

Planning to open dealership stores

Currently, Simple Energy is in the pilot phase in Bengaluru, where it has already begun deliveries. The startup is preparing to open dealership stores in several other regions, including Mysuru, Chennai, Vijayawada, Goa, Vizag, Kochi, Mumbai, Pune, Ahmedabad, Surat, Delhi, and Hyderabad.

It aims to achieve a top-line of Rs 150 crore this fiscal year.