Simple Energy Raises $20 Million in Series A Funding From Investors 

Electric two-wheeler startup Simple Energy on Monday said it has raised $20 million in a Series A funding round. The funding round saw participation from the company's current and new investors, the company said in a statement. 

The newly raised funds will be used to scale up the production capacity, support the company's entry into new markets and facilitate new product development, it added. "The enthusiastic reception from our initial customer base in Bengaluru has been truly remarkable, and we extend our heartfelt appreciation to all our investors for their trust in our brand," Simple Energy Founder & CEO Suhas Rajkumar said.   

Rajkumar further added, “As the adoption of electric vehicles (EVs) accelerates significantly in India, we are committed to playing a pivotal role in this burgeoning ecosystem. The capital raised will be tactically deployed to bolster our production capacity and expand our dealership network nationwide.”  Simple Energy sells two products -- Simple One and Simple Dot One. 

Currently in a pilot phase in Bengaluru, Simple Energy has begun deliveries in the city and is preparing to open dealership stores in Bengaluru, Mysore, Chennai, Vijayawada, Goa, Vizag, Kochi, Mumbai, Pune, Ahmedabad, Surat, Delhi, and Hyderabad in the coming weeks, the statement said. 

In February last year, the company raised $20 million in bridge funding. The company had said that funds generated would be put to use to expedite the start of delivery and support the ramp-up of production.  

In March 2022 also the company raised an undisclosed amount. Meanwhile, the company plans to have e-cars by 2025. Speaking to ET Auto, Rajkumar said, “We are also working on an electric car and hopefully it will be launched by 2025.” Rajkumar further highlighted that the company is planning to focus on strong hybrid cars as well.  

(With inputs from PTI)