Simple Energy raises $20 mn

Chennai: Electric vehicle maker Simple Energy has announced that it has raised over $20 million in its ongoing bridge round and aims at utilising these funds in a phased manner to ramp up production of its electric scooter, the Simple ONE. The company has received over one lakh bookings for the product so far.The Bridge round witnessed the participation of investors including 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 and Vasavi Green Tech. Simple Energy recently inaugurated its new brand-new facility in Shoolagiri, Tamil Nadu with an initial Rs 100 crore investment.Suhas Rajkumar, founder-CEO, of Simple Energy, said, “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. We have successfully de-bottlenecked product constraints and are confident that we will soon start deliveries of the Simple ONE.”Arokiaswamy Velumani, founder, of Thyrocare Technologies added, “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.”
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