Funding Alert

EV Startup Simple Energy raises $21 million

• ByTejika Bajaj     |    November 25, 2021

Bengaluru based EV startup Simple Energy announced that it has raised $21 million in its pre-series round of funding. The round was led by existing investors Manish Bharti (UiPath) and Raghunath Subramanian (Non-Executive Chairman UiPath India). 

The round also saw participation from new investors like Sattva Group, Athiyas Group and several high net worth individuals (HNIs). While the company officials expected to raise an aggregate amount of $15 million from this round, the investors bulked up on their investment and oversubscribed to the pre-series round.

The EV startup is likely to utilize the freshly infused capital to increase its manufacturing capacity, accelerate new product development, expand experience centres as well as bolster the company’s expansion plans.

Expressing his views on the recent round of funding, the Founder and CEO of Simple Energy, Suhas Rajkumar stated, “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. The pre-series round will not only help us broaden our product offerings but it will also speed up the production process.” 

Incepted in 2019 by Suhas Rajkumar and Shreshtha Mishra, Simple Energy is an EV startup that aims to solve three primary concerns of the Indian EV market namely- range anxiety, charging time and affordability. The startup leverages technology to build electric two wheelers from scratch thus putting together comprehensive-in-house, Made-in-India products.

Talking about the recent investment, Manish Bharti of UiPath 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.”

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