Electric vehicle startup, based in Bengaluru, Simple Energy has announced that the startup has secured $21 million in its pre-series funding round. An official statement said, “this investment will be utilised to increase manufacturing capacity, accelerate new product development, and expand experience centres, consequently bolstering the company’s expansion plans.”
Speaking on the announcement, Suhas Rajkumar, Founder and CEO at Simple Energy, commented, “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.”
A lead investor in the funding round, Manish Bharti of UiPath and Board member at Simple Energy, added, “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,” said Raghunath Subramanian, a Board Member and investor in startups as well as UiPath India’s Non-Exec Chairman and another lead investor in this round.
Arya has been a part of the Content & Research Team at Hrnxt.com. She is a keen observer of economic developments, emerging businesses, people in business and keeps a tab on latest happenings in the business environment.