Bengaluru-based electric vehicle startup Simple Energy has raised $21 million (Rs 155 crore) in a pre-series investment round, it said in an announcement.
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, the startup said in a statement.
The round also witnessed participation from new investors such as Sattva Group, Athiyas Group and several high net-worth individuals.
The capital raised will be used to increase manufacturing capacity, accelerate new product development, and expand experience centres, consequently bolstering the company’s expansion plans, the statement added.
Founded in 2019, the company launched its flagship electric scooter, the Simple One electric scooter, on August 15, 2021.
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