Simple One’s upgraded version will have a real-world range of 180-190 km on a single charge
Electric vehicle (EV) startup Simple Energy seeks a ten-fold growth in sales by the next financial year, banking on aggressive network expansion plans and upgrading its flagship scooter Simple One.
The Bengaluru-based company said One is India's longest-range electric scooter and the upgraded version can run 180-190 km in the “real world” on a single charge.
"Our revenue growth plans are a result of strategic network expansion, increasing consumer adoption and continuous improvements in our technology,” Suhas Rajkumar, founder and chief executive officer of Simple Energy, told ‘Business Standard’. “With a strong pipeline of dealerships and service centres, we are scaling operations rapidly to meet demand. The next fiscal will be a turning point as we aim for Rs 800 crore in revenue, backed by a 10-time growth in scooter sales."
The company earned Rs 6 crore as revenue in Financial Year 2023-24 (FY24) and that’s projected to grow more than 10 times to Rs 80 crore in FY25. It expects to earn Rs 800 crore in FY26. It has a market share of 0.5 per cent and aims to reach 1.5 per cent in FY25 and 7-8 per cent next year.
Simple Energy has raised $40 million in funding and has invested Rs 350 crore in its business. Having started retail operations in September 2023, the company has sold 2,500 scooters and is on an aggressive expansion spree. It runs 20 stores and as many service centres in Karnataka, Tamil Nadu, Kerala, Andhra Pradesh, Maharashtra, Goa and Telangana.
By the end of 2025, it aims to expand to 150 stores and 200 service centres that will focus on North, West and South India. Expansion in North India, including Delhi, Rajasthan, Gujarat, Madhya Pradesh, and Uttar Pradesh, is set to begin in April. The company is also betting on traditional dealership networks for expansion, partnering with established automobile dealers.
Simple Energy develops its hardware, software, firmware, batteries, and motors in-house at its 2,00,000 sq. ft. manufacturing facility in Hosur, Tamil Nadu. The company holds 200 patents in EV technology and emphasizes safety as a key differentiator.
Simple Energy said there have been no fire complaints about its scooters.
