Simple Energy, an electric vehicle and clean energy start-up, has raised $20 million in an ongoing bridge round.
The company intends to use these funds gradually to ramp up production of its much-anticipated premium and affordable electric scooter, the Simple ONE, according to a company press release. It claims to have received over 1 lakh bookings from customers since the beginning of bookings for the offering.
“We have received a phenomenal pre-booking response and, to cater to the demand, we are raising funds in a timely manner. The funds raised will be strategically used to help ramp up production and speed up delivery. We have successfully de-bottlenecked product constraints and are confident that we will soon start deliveries of the Simple ONE,” said Suhas Rajkumar, Founder and CEO, Simple Energy.
Also read:Energy Efficiency Services Limited plans to continue scaling e-mobility this year: CEO
The company recently inaugurated its new facility in Shoolagiri, Tamil Nadu, with an initial ₹100 crore investment. With more products in the pipeline and its core focus on R&D, Simple Energy aims to be at the forefront of the ongoing global transition to green mobility.
“Simple Energy is one of the few start-ups that has a clear vision of products to be introduced in the market over the next 36 months. Simple Energy will bring a paradigm shift in how the Indian consumer views technologically advanced EV two-wheelers,” said Arokiaswamy Velumani, Founder, Thyrocare Technologies Limited.
Existing investors and others participated in the bridge round, including Arokiaswamy Velumani, Founder of Thyrocare Technologies Limited; Ashwin Hinduja of Gokaldas Group; and Sanjay and Sandeep Wadhawa, Owners of Nash Industries, among others.
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