Total amount raised
$61.9 Million
Latest funding date
7/1/2024
Location
Simple Energy has successfully raised funding over 7 rounds, with the latest being a Convertible Note round. The company is backed by 18 investors, including notable names like Balamurugan Arumugam and Haran Family Office.
Simple Energy offers high-performance electric scooters, such as the Simple One and Simple OneS, designed with advanced engineering and intuitive technology. Keep reading to explore the intricacies of Simple Energy's fundraising journey and the investors backing this innovative platform.
What Is Simple Energy?
Simple Energy, founded in 2019, is based in Bengaluru, India. The company specializes in manufacturing high-performance electric scooters, including the Simple One and Simple OneS, designed for urban commuting and ambitious riders.
Operating in the electric vehicle, last mile transportation, manufacturing, and transportation industries, Simple Energy employs between 251 and 500 people. The company emphasizes advanced technology and precision engineering in its products, reflecting a design philosophy of clarity, craft, and confidence.
How Much Funding Has Simple Energy Raised?
- Convertible Note
- Amount Raised: USD 67,000
- Date: August 2020
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support initial operations and product development.
- Angel
- Amount Raised: USD 837,000
- Date: January 2021
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support early-stage development and scaling efforts.
- Angel
- Amount Raised: Not publicly disclosed
- Date: May 2021
- Lead Investors: Raghunath Subramanian
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support early-stage development and scaling efforts.
- Series Unknown
- Amount Raised: USD 21,000,000
- Date: August 2021
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support early-stage development and scaling efforts.
- Convertible Note
- Amount Raised: USD 20,000,000
- Date: February 2023
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support ongoing operations and growth.
- Series A
- Amount Raised: USD 20,000,000
- Date: July 2024
- Lead Investors: Balamurugan Arumugam
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale up production, enter new markets, and facilitate new product development.
- Convertible Note
- Amount Raised: USD 10,000,000
- Date: September 2025
- Lead Investors: Dr. A Velumani Family Office
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further technological advancements and expand market reach.
Total Amount Raised: USD 71,904,000. Current Valuation: Not publicly disclosed.
Key Investors
- Dr. A Velumani Family Office
- Details: The Dr. A Velumani Family Office is a private investment office associated with Dr. A Velumani. They have participated in multiple Convertible Note funding rounds for Simple Energy.
- Investment Focus Areas: Not explicitly mentioned.
- Notable Investments: Not explicitly mentioned.
- Balamurugan Arumugam
- Details: Balamurugan Arumugam is a key investor in Simple Energy, participating in multiple Convertible Note funding rounds. He is also the Chief Growth Officer at Klarity.
- Investment Focus Areas: Not explicitly mentioned.
- Notable Investments: Not explicitly mentioned.
- Haran Family Office
- Details: The Haran Family Office is a private investment office representing the Haran family. They have been involved in Simple Energy's Series A funding round.
- Investment Focus Areas: Not explicitly mentioned.
- Notable Investments: Not explicitly mentioned.
- Vasavi Family Office
- Details: The Vasavi Family Office is a private investment office representing the Vasavi family. They participated in Simple Energy's Series A funding round.
- Investment Focus Areas: Not explicitly mentioned.
- Notable Investments: Not explicitly mentioned.
- Desai Family Office
- Details: The Desai Family Office is the promoter group of Apar Industries. They have been involved in Simple Energy's Series A funding round.
- Investment Focus Areas: Not explicitly mentioned.
- Notable Investments: Not explicitly mentioned.
What's Next for Simple Energy?
Simple Energy is poised for significant growth, with opportunities to scale up production of their flagship scooters, Simple One and Simple Dot One, and expand their market presence across India. The company aims to achieve a top line of ₹150 crore this fiscal year, indicating a substantial market opportunity.
Future fundraising opportunities seem promising, given the company's ambitious growth plans and previous successful funding rounds. Additional capital could support further expansion, new product development, and entry into new markets.
However, challenges such as scaling production to meet demand, establishing a robust dealership network, and competing with established players in the EV market remain. Navigating these hurdles will be crucial for Simple Energy's continued success.
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