Electric vehicle startup Simple Energy has announced raising USD 20 million (approximately ₹165 crore) from a group of investors as part of its ongoing Bridge round. The funds will be allocated in phases to enhance production of the company’s debut e-scooter, Simple ONE, which has yet to be delivered to customers despite 18 months since its launch.
Meeting Demand Amid Delays
Simple Energy has faced delays in delivering the vehicle since December 2021, despite a significant number of pre-bookings. Suhas Rajkumar, the founder and CEO of Simple Energy, expressed gratitude for the overwhelming pre-booking response and emphasized the need to raise funds promptly to meet the demand. He stated that the raised funds would be strategically utilized to accelerate production and facilitate prompt delivery.
Addressing Production Challenges
The company claims to have received over one lakh bookings for its e-scooters and has taken steps to address production constraints. Rajkumar expressed confidence in overcoming these challenges, assuring customers that deliveries of Simple ONE would commence soon.
Investment in Expansion
In addition to securing funding, Simple Energy recently inaugurated a new facility in Shoolagiri, Tamil Nadu, marking an initial investment of ₹100 crore. This expansion aligns with the company’s commitment to scaling up production and meeting the growing demand for its electric scooters.
Simple Energy’s efforts to streamline production and expedite delivery underscore its dedication to providing sustainable mobility solutions and contributing to the electric vehicle ecosystem in India.
