Simple Energy is an Indian electric vehicle and clean energy company that has announced it has closed its Series A round of funding at $20 Million. This will mean that this investment will be effectively utilized to enhance the local production capacity and develop new dealers throughout the country.
Image Source: Simple Energy
Vision of Simple Energy
The founder and chief executive officer of the company, Suhas Rajkumar informed that the company is highly committed to participating in the development of electric vehicles in the country. These fundraisings are expected to place Simple Energy in a position to touch a top-line revenue of ₹150 crore in the current fiscal.
Co-founder of Simple Energy
Suhas Rajkumar is among the founders of Simple Energy. He is the CEO of the firm and as such is largely in charge of coming up with the vision and direction of the firm. Suhas has been key for Simple Energy to remain focused on local manufacturing, innovation, and sustainable transport. He has been with the startup since its early days and has led the organization during its evolution from the idea stage to product release, including the Simple One Electric Scooter with a real-world range of 203 km.
Product Offerings
Simple Energy was established in 2019, and it has a motor manufacturing facility housed in its 200,000-square-foot plant situated in Shoolagiri, Tamil Nadu. Currently, the startup sells two electric two-wheelers including Simple One certified for a range of 212 km, and Simple Dot One has a certified range of 151 km. Presently, Simple Energy is operative in the pilot phase in Bengaluru, and the company has officially started delivering the products in the city and is planning to open dealership stores in other places.
Technological Advanced EV
Balamurugan Arumugam, the Chief Growth Officer at Klarity, an HNI that invested in Simple Energy, pointed out the venture’s business plan and a clear understanding of how to achieve the goals. This is the vision of the startup which is aimed at changing the perspective of technologically innovative EV two-wheelers in India and beyond.
Comparison of Simple Energy with Other Electric Vehicles
Simple Energy, an India-incorporated company that specializes in electric vehicles and clean energy, has established itself in the competitive space. There are traditional automotive companies such as Hero MotoCorp, Honda Motorcycle & Scooter India (HMSI), and TVS, and on the other, new generation electric two-wheeler companies including Ather, Bounce Infinity, Hero Electric, Ultraviolette, Ola Electric, Pure EV, and Okinawa. Initially, the company aimed at reaching $ 15 million but because of high interest from investors they were able to mobilize more. Part of Simple Energy’s expansion program involves a capital investment of up to $330 million for the establishment of new plants, a research and development laboratory, and a testing laboratory.
Conclusion
With the increasing demand for EVs, Simple Energy’s focus on local manufacturing and product development will serve it well in the evolving Indian market. With its strong vision, well-planned business strategy, and focus on local manufacturing, Simple Energy is poised to become an industry player in India’s rapidly evolving EV market.
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