Funding · Mobility & Logistics

Simple Energy raises $20m in Series A funding

By Startup Enthusiast · 29 July 2024

What they do

Simple Energy makes electric scooters and manufactures 95% of components in-house

It raised $20 million in Series A from four family offices to scale production and expand

The funding comes as rivals Ola Electric and Ather Energy prepare for stock market listings

Simple Energy raised $20 million in Series A funding.
The investors were four family offices: Haran, Dr A Velumani, Vasavi, and Desai (promoter group of Apar Industries).
The company will use the funds to scale production of its scooters Simple One and Simple Dot One.
It also plans to enter new markets and expand its presence across India.
Simple Energy will develop new products with the capital.
The company had raised a $20 million bridge round in February 2023.
It also raised a $21 million pre-Series investment in November 2021.
The funding comes as rivals Ola Electric (stock market debut Aug 2) and Ather Energy (likely to file draft IPO soon) prepare for listings.

Simple Energy was pre-revenue till FY23 and reported a loss of ₹32 crore in FY23.
Its FY24 annual report is not yet filed; it aims for a top line of ₹150 crore in FY25.
The company manufactures 95% of scooter components in-house, giving it supply chain control.
It started deliveries in Bengaluru after a pilot phase and plans dealerships in 13 cities.

Simple Energy manufactures electric scooters and handles surface and chassis designs, battery and motor development.
Its flagship products are Simple One (range 212 km / 265 km on website) and Simple Dot One (range 151 km / 190 km on website).
The website also lists models Simple Wave, Simple OneS, and Simple Ultra.
Prices start at ₹2,44,999 for Simple Ultra, ₹2,04,999 for Simple One, and ₹1,77,999 for Simple OneS.
The company has a 200,000 sq ft manufacturing plant in Shoolagiri, Tamil Nadu.
It claims 50+ stores, 24x7 roadside assistance, extended warranty, a subscription (Simple SuperPack), and a mobile app (Simple Connect).

Product: based EV maker
Customers: Individual consumers seeking affordable electric two-wheelers
How it makes money: Direct sales of electric scooters through online and physical retail outlets
What sets it apart: Mass production scale and customer-focused design for Indian market

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