EV maker Simple Energy gets $21 million funding

Mumbai: Bengaluru-based EV maker Simple Energy on Wednesday stated it has raised $21 million (round Rs 156 crore) in a funding spherical. The goal was to lift $15 million in fundraising, however immense investor curiosity resulted within the firm mopping up extra capital within the pre-series investment spherical, Easy Vitality stated in an announcement.

The over-subscribed funding spherical was pushed by the corporate’s present traders and board members, Manish Bharti of UiPath and Raghunath Subramanian, Non-executive Chairman, UiPath India, respectively.

This spherical additionally witnessed participation from new traders akin to Sattva Group, Athiyas Group and several other excessive net-worth people (HNIs), it stated.

This contemporary capital will likely be utilised to extend manufacturing capability, speed up new product improvement, and increase expertise centres, consequently bolstering the corporate’s growth plans, the corporate said.

“The pre-series spherical is not going to solely assist us broaden our product choices however it’s going to additionally pace up the manufacturing course of,” stated Suhas Rajkumar, founder-CEO, Easy Vitality.

Noting that electrical autos are right here to remain, and Easy Vitality is main its approach in revolutionising the home car trade, he stated, the continual assist acquired from the present and new traders displays their perception and confidence within the model and the sector.

Based in 2019, Easy Vitality launched its flagship electrical scooter, Easy One, on August 15, this 12 months.

“I imagine in supporting clean-energy startups like Easy Vitality that can create a constructive affect on many points – like mass mobility, clear surroundings and total conservation of ecosystem. What we’d like in the present day is the graceful shift to EV. Easy Vitality will undoubtedly lead the auto trade to assist the EV push to sustainable mobility,” stated Bharti.

Commenting on his funding within the EV agency, Subramanian stated, Easy Vitality has super potential and can spearhead innovation within the trade.

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