Companies

EV start-up Simple Energy raises $21 million in pre-series investment round

Our Bureau | | | Updated on: Nov 24, 2021
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Funding round led by existing and new investors, including Manish Bharti of UiPath

Simple Energy, an EV start-up, announced that it has completed a $21-million pre-series investment round. The funding round was driven by the company's current investors and board members, Manish Bharti of UiPath and Raghunath Subramanian, Non-Executive Chairman, UiPath India, respectively. This round also witnessed participation from new investors such as Sattva Group, Athiyas Group and several high net-worth individuals (HNIs), the company added.

Expansion, production development

The investment will be utilised to increase manufacturing capacity, accelerate new product development, and expand experience centres, consequently bolstering the company’s expansion plans, Simple Energy said in a release. The company had aimed to raise $15 million in fundraising but claimed that investor interest resulted in Simple Energy raising a total of $21 million.

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Commenting on the fundraise, Suhas Rajkumar, Founder & CEO, Simple Energy, said, “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.”

Positive impact

Manish Bharti of UiPath, who led this round of investments and who is a board member of Simple Energy, said, “I believe in supporting clean-energy start-ups 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.”

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A spokesperson from Sattva Group, a new investor in this round, said, “Green mobility is undoubtedly the need of the hour in the country. Simple Energy will be one of those start-ups 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.”

Founded in 2019, Simple Energy aims to accelerate the adoption of electric vehicles by making them more accessible, affordable, secure, and comfortable. The company launched its flagship electric scooter, the Simple One electric scooter on August 15. However, the company has not indicated a timeline for commercial deliveries of its EV scooters, to begin for customers.

Published on November 24, 2021

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