Simple Energy raises $20 million from investors

Electric Vehicle Startup Simple Energy announced on Tuesday to raise USD 20 million (approximately ₹ 165 crore) from a group of investors as part of the ongoing Bridge around. The money will be used in phases to ramp up production of the company’s first e-scooter Simple ONE, which has not been delivered to a single customer even 18 months after launch.

The company has been postponing delivery of the vehicle since December 2021.

“We have received a phenomenal response to the pre-booking and to meet demand, we are raising funds in a timely manner. The funds raised will be used strategically to kick-start production and for a faster start to delivery,” he said. Suhas Rajkumar, founder and CEO of Simple Energy.

The company claims it has received more than a lakh bookings for the e-scooters.

“We have successfully removed product constraints and are confident that we will soon begin shipping Simple ONE,” said Rajkumar.

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