Electric vehicle and clean energy startup Simple Energy raises over $20 million in an ongoing bridge
Simple Energy, a clean energy and electric vehicle startup, announced that it has raised more than $20 million in a current bridge round. This round was supported by investors such as Dr. Arokiaswamy Velumani, founder of Thyrocare Technologies Limited, Ashwin Hinduja of Gokaldas Group, Sripriya Kalyanasundaram of Lambda Test, Purple Moon Ventures, and the Wadhawa brothers, owners of Nash Industries. Other investors include Manish Bharti and Vasavi Green Tech, who are existing investors in the company.
The funds will be used to increase production of its Simple ONE electric scooter, which the company says has received over 100,000 bookings since it opened up slots for the vehicle.
Suhas Rajkumar, the Founder and CEO of Simple Energy, stated that the funds collected will be utilized effectively to boost production and hasten the start of deliveries. He stated that they have overcome production limitations and are certain that deliveries will commence soon.
According to Dr. Arokiaswamy Velumani, the founder of Thyrocare Technologies Limited, Simple Energy is a startup that possesses all the necessary elements to become a dominant player in the market. These elements include a team of founders with a diverse range of skills, a focus on meeting customer needs, a thorough assessment of their product compared to others in their category, a deep understanding of their customers, and a well-defined plan for introducing new products over the next three years.
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.
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