EV startup Simple Energy raises $20 mn from investors in Bridge round

Electric vehicle startup Simple Energy on Tuesday announced raising $20 million (about Rs 165 crore) from a clutch of investors as a part of its ongoing Bridge round

Electric vehicle startup Simple Energy on Tuesday announced raising USD 20 million (about Rs 165 crore) from a clutch of investors as a part of its ongoing Bridge round.

The funds will be utilised in a phased manner to ramp up production of the company's maiden e-scooter Simple ONE, which has not yet been delivered to a single customer even after 18 months of its launch.

The company has been deferring deliveries of the vehicle since December 2021.

"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 aid the production ramp-up and for a quicker delivery commencement," said Suhas Rajkumar, founder and CEO of Simple Energy.

The company claims that it has received over one-lakh bookings for the e-scooters.

"We have successfully de-bottlenecked product constraints and are confident that we will soon start deliveries of Simple ONE," Rajkumar said.

The company recently inaugurated its new facility in Shoolagiri, Tamil Nadu, with an initial Rs 100 crore investment, Simple Energy said in the statement.