Total amount raised
$61.9 Millions
Latest funding date
7/1/2024
Location
Simple Energy has successfully raised funding through multiple rounds, with the latest being a Series A. The company specializes in creating innovative smart electric two-wheelers designed for urban environments.
Keep reading to explore the intricacies of Simple Energy's fundraising journey and the investors backing this forward-thinking platform.
What Is Simple Energy?
Simple Energy, founded on September 12, 2019, in Bangalore, Karnataka, India, focuses on creating innovative smart electric two-wheelers designed for urban environments. The company was established by Hrishikesh Bhargava, Kiran Poojary, Sheetal Shetty, Shreshth Mishra, and Suhas Rajkumar.
With a team of 51-100 employees, Simple Energy combines expertise in engineering and design to enhance battery performance and product durability. Their mission is to address global mobility challenges while promoting clean technology and sustainable transportation solutions.
Specializing in manufacturing smart electric scooters, Simple Energy aims to revolutionize urban transportation with their cutting-edge products.
How Much Funding Has Simple Energy Raised?
- Angel Round
- Amount Raised: $67K
- Date: August 2020
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart initial operations and product development.
- Angel Round
- Amount Raised: $837K
- Date: January 2021
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further develop their electric scooter prototypes and prepare for market entry.
- Angel Round
- Amount Raised: Not publicly disclosed
- Date: May 2021
- Lead Investors: Raghunath Subramanian
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support initial production and market testing.
- Seed Round
- Amount Raised: Not publicly disclosed
- Date: July 2021
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale up production and expand the team.
- Venture Round
- Amount Raised: $21M
- Date: August 2021
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate market entry and increase production capacity.
- Convertible Note
- Amount Raised: $20M
- Date: February 2023
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To bridge the gap between venture and Series A funding, supporting ongoing operations and expansion.
- Series A
- Amount Raised: $20M
- Date: July 2024
- Lead Investors: Balamurugan Arumugam
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale up production, develop new products, and expand market presence across India.
Total Amount Raised: $61.9M. Current Valuation: Not publicly disclosed.
Key Investors
- Balamurugan Arumugam
- Details: Balamurugan Arumugam is the Chief Growth Officer at Klarity and an existing investor in Simple Energy. He led the Series A funding round.
- Investment Focus Areas: Growth and expansion opportunities, electric vehicles, clean energy.
- Notable Investments: Not publicly disclosed.
- Desai Family Office
- Details: The Desai Family Office is the promoter group of Apar Industries, a diversified industrial conglomerate. They have a history of investing in promising startups.
- Investment Focus Areas: Industrial sectors, clean energy, electric vehicles.
- Notable Investments: Not publicly disclosed.
- Raghunath Subramanian
- Details: Raghunath Subramanian is a notable investor who participated in Simple Energy's angel round in May 2021. He is known for his strategic investments in technology startups.
- Investment Focus Areas: Technology, clean energy, electric vehicles.
- Notable Investments: Not publicly disclosed.
- Vasavi Family Office
- Details: The Vasavi Family Office is a high-net-worth individual family office that participated in Simple Energy's Series A funding round. They focus on supporting innovative and sustainable technologies.
- Investment Focus Areas: Clean energy, electric vehicles, innovative technology.
- Notable Investments: Not publicly disclosed.
- Haran Family Office
- Details: The Haran Family Office is another high-net-worth individual family office involved in Simple Energy's Series A funding round. They are known for their strategic investments in high-growth sectors.
- Investment Focus Areas: Clean energy, electric vehicles, high-growth sectors.
- Notable Investments: Not publicly disclosed.
What's Next for Simple Energy?
Simple Energy stands at the cusp of significant growth, with plans to expand its market presence across India. The company aims to scale up production of its flagship products, Simple One and Simple Dot One, and open dealership stores in major cities like Bengaluru, Chennai, and Mumbai. This expansion is expected to help Simple Energy achieve a top line of ₹150 crore this fiscal year, tapping into the growing demand for electric vehicles (EVs) in India.
Future fundraising opportunities appear promising, given the successful Series A round and the company's ambitious growth plans. Additional funding could support further expansion, new product development, and possibly international market penetration. However, Simple Energy will need to navigate challenges such as scaling production efficiently, managing financial losses, and competing with established players like Ola Electric and Ather Energy.
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