simple energy raises $21 million in pre-series funding round
© Provided by News18 Simple Energy Raises $21 Million in Pre-Series Funding Round The electric revolution is here to stay and testament to the fact is the ever-increasing number of electric vehicles in the country. One such homegrown manufacturer, Simple Energy, recently announced the securement of $21 Million in oversubscribed pre-series funding 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).The EV maker stated that these funds will be utilised for product development, setting up of experience centres, and boosting the set-up of ‘Phase 1’ of the production. The brand had earlier announced that it would launch in Bangalore, Chennai, and Hyderabad, followed by other cities in said Phase 1. This investment is further set to be utilized to increase manufacturing capacity, accelerate new product development, and expand experience centres. The officials at Simple Energy had earlier aimed to raise $15 million in fundraising but the final result exceeded their estimation due to greater investor interest.

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.”Also Watch:

Simple Energy launched its first product on August 15 this year, called the Simple One, for a price of Rs 1.10 lakh (ex-showroom). It comes with four riding modes – Eco, Ride, Dash and Sonic – and has claimed range of 240 kilometres. In case you weren’t in the know, Simple Energy was founded back in 2019 and ultimately aims to accelerate the adoption of electric vehicles by making them more accessible, affordable, secure, and comfortable.

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