Simple Energy raises $20M to ramp-up the production of electric scooter Simple ONE
This investment will help in ramping up production capacities and narrowing the gap between demand and supply for Simple ONE.
Electric vehicle and clean energy startup , on Tuesday said it has raised over $20 million in an ongoing bridge round.
The company said it will use the funding to ramp up production of its premium and affordable electric scooter, the Simple ONE.
Since opening booking slots for this scooter, the company claims to have received over 1 lakh bookings.
The investors who participated in this round are, Dr Arokiaswamy Velumani, Founder, of Thyrocare Technologies Limited, Ashwin Hinduja of Gokaldas Group, Sanjay and Sandeep Wadhawa, owner of Nash Industries, Sripriya Kalyanasundaram, Chief Strategy and Evangelist to CEO’s office, Lambda Test, Purple Moon Ventures along with existing investors like Manish Bharti and Vasavi Green Tech.
“The funds raised will be strategically used to aid the production ramp-up and for a quicker delivery commencement. We have successfully de-bottlenecked product constraints and are confident that we will soon start deliveries...soon," said Suhas Rajkumar, Founder and CEO of Simple Energy.
Founded in 2019, the company recently inaugurated a facility in Shoolagiri, Tamil Nadu with an initial Rs 100 crore investment.
The company has more products in the pipeline and has placed its core focus on research and development.
From surface design to chassis design, and battery development to motor development, the firm claims to have developed a comprehensive line of Made in India e-mobility products that address three major concerns: range anxiety, charging time, and affordability.
“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," said Dr. Arokiaswamy Velumani, Founder, of Thyrocare Technologies Limited.
Edited by Akanksha Sarma