The domestic electric vehicle startup, Simple Energy, has raised $20 million to enhance its production capabilities.

New Delhi, July 29 (IANS) – On Monday, electric vehicle (EV) and clean energy startup Simple Energy announced it has raised $20 million in its Series A funding round to enhance local production. The round included contributions from existing investors such as high-net-worth individuals (HNIs) from the Haran family office, Dr. A Velumani’s family office, the Vasavi family office, and the Desai Family office (promoters of Apar Industries).

"As EV adoption in India grows rapidly, we are committed to playing a key role in this expanding ecosystem," said Suhas Rajkumar, Founder and CEO of Simple Energy. The funds will be used strategically to increase production capacity and expand the dealership network nationwide.

Simple Energy aims to achieve a revenue of Rs 150 crore this fiscal year. Founded in 2019, the company operates a motor manufacturing unit within its 200,000 square feet plant in Shoolagiri, Tamil Nadu. It offers electric two-wheelers like the 'Simple One' with a certified range of 212 km and the 'Simple Dot One' with a certified range of 151 km.

Currently in a pilot phase in Bengaluru, Simple Energy has started deliveries in the city and is preparing to open dealership stores in other regions. "With a clear vision and strategic roadmap for growth, Simple Energy is set to transform the market of technologically advanced EV two-wheelers in India and beyond," said Balamurugan Arumugam, Chief Growth Officer at Klarity and an HNI participant in the funding round.