Bengaluru-based electric two-wheeler startup Simple Energy has raised over $20 million ( ¥1.65 billion) in its latest round of financing. The new funds raised in the ongoing bridge financing will be used to ramp up production of the upcoming Simple One electric scooter. The manufacturer recently opened its first factory in Tamil Nadu and will start production soon.
Simple Energy also revealed that it has received more than 100,000 pre-orders for the One electric scooter, and that the new investment will help the company ramp up production and start deliveries sooner. The Bridge round had many participants including Dr. Arokiaswamy Velumani, Founder of Thyrocare Technologies Limited, Ashwin Hinduja of Gokaldas Group, Sanjay and Sandeep Wadhawa, Owners of Nash Industries, Sripriya Kalyanasundaram, Chief Strategy Officer and Evangelist from the Office of the CEO Lambda Test, Purple Moon Ventures as well as existing investors such as Manish Bharti and Vasavi Green Tech.
Also read: Simple Energy opens first plant in Tamil Nadu, soon to start producing an EV
Commenting on the new funding round, Suhas Rajkumar, Founder and CEO, Simple Energy said, “With the mass adoption of EVs in India, we believe we will become a significant player in the ecosystem. We have received an amazing response to bookings , in order to meet demand, we are raising funds in a timely manner. We are forever grateful to all investors for their trust in our brand. The funds raised will be used strategically to help increase production and start deliveries faster. I would like to thank for believing in our brand and for being patient Customers waiting for deliveries. We have successfully de-bottlenecked our product constraints and are confident that we will soon start delivering India’s highest quality 2-wheeler electric vehicle – Simple ONE.”
Dr. Arokiaswamy Velumani, Founder of Thyrocare Technologies said: a customer-first approach; benchmarking products by category; understanding customer needs; and a clear vision of products that will hit the market in the next 36 months. I am confident that Simple Energy will bring about a paradigm shift in the perception of technologically advanced electric two-wheelers among Indian consumers and will become a world-class brand that people of Indian origin around the world can be proud of. “
Simple One is a competitor to Ather 450X and Ola S1 Pro. Debuting in 2021, the electric scooter has been a long time coming to production. The electric scooter is fitted with an 8.5 kW (11.3 bhp) PMS motor with a peak torque of 72 Nm. It comes with a 4.8 kWh battery pack and has a claimed range of 236 kilometers. There is an extended-range model that can travel more than 300 kilometers on a single charge.The company starts at ¥110,000 (ex-showroom).
Simple Energy promises that the power product is now in series production at its new Sholagiri factory, which has an initial investment of ¥1000000000. Deliveries are expected to begin within the next few weeks.
First published date: Feb 7, 2023 at 12:24pm CST