India-based electric scooter developer Simple Energy has received $21m in funding on Wednesday from investors including real estate developers Sattva Group and Athiyas Group, the Economic Times reported on Wednesday.
The round also featured Manish Bharti and Raghunath Subramanian, executives at robotic process automation company UiPath, both of whom are existing Simple Energy investors and board members, in addition to undisclosed private investors.
Simple Energy has developed an electric scooter intended to be affordable, and which will make use of the Loop electric vehicle charging network.
The vehicle was released earlier this month and the funding will be allocated to product development and the expansion of the company’s manufacturing capacity. Subramanian invested an undisclosed amount in Simple Energy in May this year.
Photo courtesy of Simple Energy.
