Founded in 2019, Bengaluru-based Simple Energy is redefining the electric vehicle industry through indigenous engineering and design. The company focuses on alleviating key consumer concerns such as range anxiety, charging time, and affordability by integrating cutting-edge innovations in battery development, motor design, and chassis engineering. Simple Energy’s mission is to build the future of mobility that is electric, connected, and accessible for all.
Simple Energy reported a 4x revenue growth in FY24, reaching Rs 9.68 crore, up from Rs 2.4 crore in FY23. However, the company continues to operate at a loss, with a net loss of Rs 62.6 crore in FY24, compared to a net loss of Rs 32.59 crore in FY23. The EBITDA margin improved slightly to -461.97% in FY24 from -895.21% in FY23, while ROCE worsened to -45.61% in FY24, down from -17.80% in FY23.
The company’s total expenses surged by 2.4x in FY24 to Rs 70.19 crore, up from Rs 28.2 crore in FY23. Employee benefit costs declined to 37.76% of total expenses in FY24, compared to 49.53% in FY23, while advertisement costs dropped to 1.59% in FY24 from 5.56% in FY23, reflecting a more cost-conscious approach. Depreciation costs rose significantly to 18.77% of total expenses in FY24, up from 13.22% in FY23, indicating ongoing investment in fixed assets.
Simple Energy has raised a total of Rs 581.97 crore across seven funding rounds, with its most recent Series A round completed in July 2024. The company was co-founded by Suhas Rajkumar, Shreshth Mishra, and Ankit Gupta, with Suhas Kolewad holding the largest share at 37.13%. Simple Energy is on a mission to lead the transition to clean, electric urban mobility, driven by cutting-edge R&D and a vision for sustainable innovation.