EV Scooter Maker Simple Energy Secures $20 Mn in Series A

Simple Energy, a startup focused on electric vehicles and clean energy, has secured $20 million in its Series A funding round. 

This investment comes from high-net-worth individuals and family offices, including the Haran family office, Dr. A Velumani’s family office, the Vasavi family office, and the Desai Family office, which is linked to Apar Industries.

The new funds will help Simple Energy increase production of its main products, the Simple One and Simple Dot One scooters. They will also support the company's plans to enter new markets, expand their presence across India, and develop new products.

Earlier, in February of the previous year, Simple Energy raised another $20 million in a bridge round. Before that, in November 2021, the company had secured $21 million in pre-Series funding.

Founded in 2019, Simple Energy claims to produce 95% of its scooter parts in-house. The Simple One scooter has a range of 212 kilometers, while the Simple Dot One offers 151 kilometers. 

Currently, Simple Energy is running a pilot in Bengaluru, where it has started deliveries and is planning to open dealership stores in several cities, including Mysuru, Chennai, Vijayawada, Goa, Vizag, Kochi, Mumbai, Pune, Ahmedabad, Surat, Delhi, and Hyderabad.

This funding comes at a time when leading competitors in the electric scooter market, Ola Electric and Ather Energy, are preparing for public listings. Ola Electric is set to debut on the stock market on August 2, and Ather Energy is expected to file its draft IPO papers soon.