Simple Energy lines up $20 million in funds; to be utilised in the production ramp-up of Simple ONE
Simple Energy, India’s leading electric vehicle and clean energy start-up, announced that the company has raised over $20Mn in the ongoing Bridge round. The company aims at utilising these funds in a phased manner to ramp up production of its much-awaited premium and affordable electric scooter, the Simple ONE. Since the commencement of bookings of this unique offering, the company has received a phenomenal response with over 1 lakh bookings received from its customers.
The Bridge round witnessed the participation of investors from across the country. The prominent investors who participated in this round were; Dr Arokiaswamy Velumani, Founder, of Thyrocare Technologies Limited, Mr Ashwin Hinduja of Gokaldas Group, Mr Sanjay & Sandeep Wadhawa, Owner, of Nash Industries, Ms Sripriya Kalyanasundaram, Chief Strategy and Evangelist to CEO’s office, Lambda Test, Purple Moon Ventures along with existing investors like Manish Bharti & Vasavi Green Tech.
Mr. Suhas Rajkumar, Founder & CEO, of Simple Energy, said, “With the propagation of EVs catching up on a massive scale in India, we believe in being a key participant in this eco-system. We have received a phenomenal pre-booking response and to cater to the demand, we are raising funds in a timely manner. We are ever grateful to all the investors for placing their faith in our brand. The funds raised will be strategically used to aid the production ramp-up and for a quicker delivery commencement. I would like to thank our customers who have believed in our brand and have patiently waited for the deliveries. We have successfully de-bottlenecked product constraints and are confident that we will soon start deliveries of India’s finest and premium 2-Wheeler EV – the Simple ONE.”
Dr Arokiaswamy Velumani, Founder, of Thyrocare Technologies Limited, said, “Simple Energy is one of the few startups which has all the ingredients to be a market leader: founders with diverse expertise; customer-first approach; benchmarking of the product by category; understanding of customer needs; and a clear vision of products to be introduced in the market over the next 36 months. I am convinced that Simple Energy will bring a paradigm shift in how the Indian consumer views technologically advanced EV two-wheelers and will be a world-class brand that people of Indian origin everywhere will be proud of.”
The company recently inaugurated its new brand-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.
