Electric two-wheeler startup Simple Energy secures USD 20 million in Series A funding to scale production, expand into new markets, and develop new products.
New Delhi, Jul 29 (PTI) Electric two-wheeler startup Simple Energy on Monday said it has raised USD 20 million in a Series A funding round.
The funding round saw participation from the company's current and new investors, the company said in a statement.
The newly raised funds will be used to scale up the production capacity, support the company's entry into new markets and facilitate new product development, it added.
"The enthusiastic reception from our initial customer base in Bengaluru has been truly remarkable, and we extend our heartfelt appreciation to all our investors for their trust in our brand," Simple Energy Founder & CEO Suhas Rajkumar said.
The capital raised will be tactically deployed to bolster production capacity and expand the dealership network nationwide, he added.
Simple Energy sells two products -- Simple One and Simple Dot One.
Currently in a pilot phase in Bengaluru, Simple Energy has begun deliveries in the city and is preparing to open dealership stores in Bengaluru, Mysore, Chennai, Vijayawada, Goa, Vizag, Kochi, Mumbai, Pune, Ahmedabad, Surat, Delhi, and Hyderabad in the coming weeks, the statement said.
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