Simple Energy Lines Up USD 20 Million In Funds

Simple Energy today announced that the company has raised over USD 20 million 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 one 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, Ashwin Hinduja of Gokaldas Group, Sanjay & 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 & Vasavi Green Tech. 

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 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 withan initial Rs 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.