Simple Energy raises $21 million in pre-series funding round

Simple Energy, among India’s top three EV startups, announced the completion of a $21 million 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, respectively. This round also witnessed participation from new investors such as Sattva Group, Athiyas Group and several high net-worth individuals (HNIs).

This investment will be utilised to increase manufacturing capacity, accelerate new product development, and expand experience centres, consequently bolstering the company's expansion plans. The company had aimed to raise $15 million in fundraising, but immense investor interest resulted in Simple Energy raising a total of $21 million.

Upon receiving an overwhelming response through this investment, 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 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.”