Business

Simple Energy Raises $20M to Boost EV Production

Jul 29, 2024 1 min read

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Electric vehicle (EV) and clean energy startup Simple Energy has raised $20 million in its Series A funding round. The funding round included participation from existing investors such as high-net-worth individuals (HNIs) from the Haran family office, Dr. A Velumani’s family office, and the Desai Family office of Apar Industries. The capital will be used to scale up local production, enhance production capacity, and expand the dealership network across India.

Founded in 2019, Simple Energy currently offers two electric two-wheeler models, 'Simple One' and 'Simple Dot One.' The startup aims to achieve a top-line revenue of Rs 150 crore in the current fiscal year. The company has also highlighted its goal of entering new markets and continuing product development to strengthen its position in the EV sector.

#auto #startups #series-a #venture-capital

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