Bengaluru-based Simple Energy, which recently launched its flagship electric scooter, has raised $21 million (about Rs 156 crore) in an oversubscribed pre-Series funding round led by existing backers Manish Bharti (UiPath) and Raghunath Subramanian (Non-Executive Chairman UiPath India).
The round also saw participation from new investors such as Sattva Group, Athiyas Group, and several high net-worth individuals (HNIs).
It is worthy to note that the startup had aimed to raise $15 million in this round, but the immense investor interest resulted in raising a total of $21 million, which is called an oversubscribed round.
Simple Energy, which was started in 2019 by Suhas Rajkumar and Shreshth Mishra, aims to solve three primary concerns of the Indian EV market -- range anxiety, charging time, and affordability.
The Bengaluru-based EV startup leverages technology to build electric two-wheelers from scratch. With its own surface design, chassis design, battery development, motor development, the company puts together comprehensive in-house, Made-in-India products.
With this round of funding, Simple Energy aims to increase its manufacturing capacity, accelerate new product development, and expand experience centres, consequently bolstering the company's expansion plans.
The startup claims to have received 30,000 pre-bookings for its recently launched flagship eclectic scooter, the Simple One.
“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," Suhas Rajkumar, Founder & CEO, Simple Energy said.
"The pre-series round will not only help us broaden our product offerings but it will also speed up the production process," he adds.
Speaking on the investment, Manish Bharti of UiPath, who is also a board member of Simple Energy, said:
“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.”
“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,” added Raghunath Subramanian, Board Member/Investor in High Growth Startups and Non-Exec Chairman of UiPath India, said.
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