Bengaluru-based electric vehicle (EV) start-up Simple Energy on Wednesday announced that it has raised $21 million in the pre-series investment round.
The oversubscribed funding round was driven by the company's current investors and board members, Manish Bharti of UiPath and Raghunath Subramanian, Non-Executive Chairman, UiPath India.
This round also witnessed participation from new investors such as Sattva Group, Athiyas Group and several high net-worth individuals (HNIs), the company said in a press release.
This investment will increase manufacturing capacity, accelerate new product development, and expand experience centres.
The company had aimed to raise $15 million in fundraising, but immense investor interest resulted in raising a total of $21 million.
Suhas Rajkumar, Founder & CEO, Simple Energy, said, “Electric vehicles are here to stay, and Simple Energy is leading its way in revolutionising the automobile industry in the country. The pre-series round will not only help us broaden our product offerings but it will also speed up the production process.”
Manish Bharti of UiPath, who led this round of investments and a Board member of Simple Energy, said, “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.”
Founded in 2019, Simple Energy launched its flagship electric scooter, the Simple One electric scooter, on 15th August 2021.