Electric vehicle (EV) startup, Simple Energy has raised $21 million as a part of an equity funding round, the company said on Thursday. The round saw participation from the company's current investors and board members, Manish Bharti of UiPath and Raghunath Subramanian, non-executive chairman, UiPath India, respectively.
New investors such as Sattva Group, Athiyas Group along with several high net-worth individuals (HNIs) also invested as a part of the round.
According to the company, the current investment will be utilized to increase manufacturing capacity, accelerate new product development, and expand experience centres, as it looks to bolster its expansion plans.
The company had earlier set out to raise $15 million, as a part of the current raise.
“Electric vehicles are here to stay, and Simple Energy is leading its way in revolutionising 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,” said Suhas Rajkumar, founder and chief executive officer (CEO), Simple Energy.
Two-year old Simple Energy aims to accelerate the adoption of electric vehicles by making them more accessible, affordable, and secure. The company launched its flagship electric scooter, the Simple One electric scooter in August, this year.
“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,” said Bharti.
Simple Energy is also expected to use the proceeds from the fundraise to boost the set up for its first phase of production.
"Green mobility is undoubtedly the need of the hour in the country. Simple Energy will be one of those startups that will set the right standards for the EV industry to grow in India,” said a spokesperson from Sattva Group.