‘One’ for the future…

“If I had asked my customers what they wanted, they would have said a faster horse.”

While the attribution authenticity of the above quote to Henry Ford is still debated, it continues to resonate with inventors and change makers for a simple one-word reason – Vision. Visionary people have a way of seeing opportunities where common folks see crisis. This thought process has been the major motivation behind all inventions and advances and continues to be the guiding force of humanity. Using Peter Thiel’s famous terminology, all 0-1 companies possess this ‘Out of the box’ thinking approach when it comes to solving world problems. Our customer Simple Energy is among one such rare group of trailblazers who are revolutionizing the Indian automobile segment since their entry in the coveted EV segment in 2019.

Made in India, by Indians, for the World:

As the story goes, Suhas (CEO & Founder, Simple Energy), an automobile enthusiast himself, was looking to buy an EV scooter for his family in 2018. He was shocked to find that despite all the buzz in the western markets, India still didn’t have anything that would satisfy the traditional buyers’ needs. That is when he, along with his co-founders founder Shreshth and & Ankit decided?to build one, tailored for Indian sensibilities, at par with international standards.

The team had the good fortune of receiving support from Manish Bharti (Chief Revenue Officer, CoreStack) and Raghunath Subramanian (Non- Executive Chairman UiPath India, Board Director 1Digi investment Management) , who backed these young guns with one of the biggest Pre Series rounds in the industry

Their model (ONE) is a result of a focused approach and experienced mentorship. It aptly addresses 3 primary concerns with Electric vehicles– range anxiety, charging time and affordability. ONE is expected to have a range of 200+ km, with a charging time of 75 minutes and is smartly priced to provide complete value for money. This made in India scooter was launched in style on 15th August, as a statement from a new and bold India, to free the world of the growing carbon footprint concerns.??

Going through the trials and tribulations in their own journey, the SE team quickly realized the need of an ecosystem in the nascent Indian EV segment. Their future projects involve collaborating with competitors on multiple fronts to further the sector, as a whole. The Loop network, which provides charging on the go, came out of this ‘Common Good’ philosophy.

A bank that understands:

To support their innovative and aspirational journey, SE needed a banking partner that understands long-term vision and they found a perfect fit in HSBC. In a R&D intensive business like this, capital requirement can be intermittent. A company may require huge amounts at one go in one cycle, while there could be long durations with limited need. To ensure instant access in need and capital appreciation in idle months, HSBC extended their wealth management services to support SE’s growth. Regulatory requirements associated with fund raising, being the bank’s core competency, were managed in a way that the visionaries were able to focus on what they do best. HSBC has already on-boarded Simple Energy on HSBCNet, our digital platform, to ensure seamless payments and collections once the sales begin in March’22.?

Founders' and investors' appreciation motivates us to push more...

Says Suhas, “We needed a banking relationship to take care of our capital needs in a way that matches our working style – Bold, Innovative & Personalised. HSBC has just been that partner for us. We feel confident in their services and are convinced that as the business grows we would always be able to bank on their expertise and focus to support our vision.”

Shreshth & Ankit agree, “HSBC has provided what today’s startups need the most –?a modern seamless platform, reliable pathway and a consumer-centric banking relationship”

From the Investors desk:

Says Manish, “I feel honored to be part of SE's phenomenal journey. These guys have beaten my expectations, and we are all excited for the product to hit the roads. I would like to highlight the proactive approach of the HSBC team who are always available for support. Their capabilities in managing capital account transactions, from booking forex rates through to the final documentation, is simply state of the art”

Raghu agrees “With the launch of ONE, the world shall see Indian roads turn into the sets of a Sci-Fi. They have been working with HSBC for our investments. Among other services, HSBC's compliance handling of our capital account has been top-notch.”

Says Prakash Jaiswal, Country Head, Business Banking (MSME and Startups), “Electric vehicles are the future and Simple Energy, by extension, is a window to the glorious times ahead. Their thought process will usher in a new age of Indian products for the world. We look forward to this collaboration and hope to achieve many more milestones in the times to come.”

At HSBC, we are committed to helping businesses transition to a more sustainable future, which means unlocking finance and going beyond. We are open to extend our services and support to all the change makers out there to realize their aspirations.

Let’s dream big!

(With inputs from Mohit Gupta, Simple Energy’s RM, Shekhar Lele, Business Innovation Lead, and Devesh Solanki, Change and Implementation, HSBC India)