EV and clean energy startup Simple Energy has secured $20 million in its Series A funding round from a host of existing investors.

This round included participation from the company’s current investors, such as family offices like the Haran family office, Dr. A Velumani’s family office, Vasavi family office, and the Desai Family office—promoter group of Apar Industries, among others.

The newly raised funds will be used to scale up the production of Simple Energy’s two key offerings, Simple One and Simple Dot One. Additionally, the funds will support the company’s entry into new markets, expand its presence across India, and facilitate new product development.

Simple Energy aims to achieve a top line of ₹150 crore this fiscal year, said the company in its statement.

Suhas Rajkumar, Founder & CEO of Simple Energy, said, “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.”

Founded in 2019 by Rajukumar, Hrishikesh Bhargava, Kiran Poojary, Sheetal Shetty, and Shreshth Mishra, the Bengaluru-based EV startup is in a pilot phase in Bengaluru and is eyeing open dealership stores in Bengaluru, Mysuru, Chennai, Vijayawada, Goa, Vizag, Kochi, Mumbai, Pune, Ahmedabad, Surat, Delhi, and Hyderabad in the coming weeks.

In February last year, it secured over $20 million as a part of its ongoing bridge funding round to ramp up production of its electric scooter. Before that, it raised an undisclosed amount in March 2022 followed by $21 million funding in October 2021 in its Pre-Series round.

The company’s has its manufacturing line within its 200,000 sq ft plant located in Shoolagiri, Tamil Nadu.

Simple Energy has two offerings in its portfolio—Simple One with 212 km of certified range and Simple Dot One with 151 km of certified range.

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