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Simple Energy lines up $20 million in funds; to be utilized in the production ramp-up of Simple ONE. This investment will help in ramping up production capacities and narrowing the gap between demand and supply for Simple ONE.
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Simple Energy, India's leading electric vehicle and clean energy start-up, today announced that the company has raised over $20Mn in the ongoing Bridge round. The company aims at utilizing these funds in a phased manner to ramp up production of its much-awaited premium and affordable electric scooter, the Simple ONE. Since the commencement of bookings of this unique offering, the company has received a phenomenal response with over 1 lakh bookings received from its customers.
The Bridge round witnessed the participation of investors from across the country. The prominent investors who participated in this round were; Dr Arokiaswamy Velumani, Founder, of Thyrocare Technologies Limited, Mr Ashwin Hinduja of Gokaldas Group, Mr Sanjay & Sandeep Wadhawa, Owner, of Nash Industries, Ms Sripriya Kalyanasundaram, Chief Strategy and Evangelist to CEO’s office, Lambda Test, Purple Moon Ventures along with existing investors like Manish Bharti & Vasavi Green Tech.
Mr. Suhas Rajkumar, Founder & CEO, of Simple Energy, said, “With the propagation of EVs catching up on a massive scale in India, we believe in being a key participant in this eco-system. We have received a phenomenal pre-booking response and to cater to the demand, we are raising funds in a timely manner. We are ever grateful to all the investors for placing their faith in our brand. The funds raised will be strategically used to aid the production ramp-up and for a quicker delivery commencement. I would like to thank our customers who have believed in our brand and have patiently waited for the deliveries. We have successfully de-bottlenecked product constraints and are confident that we will soon start deliveries of India’s finest and premium 2-Wheeler EV – the Simple ONE."
Dr Arokiaswamy Velumani, Founder, of Thyrocare Technologies Limited, said, "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. I am convinced that Simple Energy will bring a paradigm shift in how the Indian consumer views technologically advanced EV two-wheelers and will be a world-class brand that people of Indian origin everywhere will be proud of."
The company recently inaugurated its new brand-new facility in Shoolagiri, Tamil Nadu with an initial ₹100 crore investment. With more products in the pipeline and its core focus on R&D, Simple Energy aims to be at the forefront of the ongoing global transition to green mobility.
The Bridge round witnessed the participation of investors from across the country. The prominent investors who participated in this round were; Dr Arokiaswamy Velumani, Founder, of Thyrocare Technologies Limited, Mr Ashwin Hinduja of Gokaldas Group, Mr Sanjay & Sandeep Wadhawa, Owner, of Nash Industries, Ms Sripriya Kalyanasundaram, Chief Strategy and Evangelist to CEO’s office, Lambda Test, Purple Moon Ventures along with existing investors like Manish Bharti & Vasavi Green Tech.
Mr. Suhas Rajkumar, Founder & CEO, of Simple Energy, said, “With the propagation of EVs catching up on a massive scale in India, we believe in being a key participant in this eco-system. We have received a phenomenal pre-booking response and to cater to the demand, we are raising funds in a timely manner. We are ever grateful to all the investors for placing their faith in our brand. The funds raised will be strategically used to aid the production ramp-up and for a quicker delivery commencement. I would like to thank our customers who have believed in our brand and have patiently waited for the deliveries. We have successfully de-bottlenecked product constraints and are confident that we will soon start deliveries of India’s finest and premium 2-Wheeler EV – the Simple ONE."
Dr Arokiaswamy Velumani, Founder, of Thyrocare Technologies Limited, said, "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. I am convinced that Simple Energy will bring a paradigm shift in how the Indian consumer views technologically advanced EV two-wheelers and will be a world-class brand that people of Indian origin everywhere will be proud of."
The company recently inaugurated its new brand-new facility in Shoolagiri, Tamil Nadu with an initial ₹100 crore investment. With more products in the pipeline and its core focus on R&D, Simple Energy aims to be at the forefront of the ongoing global transition to green mobility.
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PluginIndia's Take
For a startup, that 'launched' their product in mid 2021, the production date of the Simple One is still undecided. We are in 2023 now. We definitely knew the 2021 'launch' was a PR event to attract investors. At that time we wondered if the startup would ever enter production. Simple are NOT the first startup to do this. Tesla does this regularly. This is an issue with the EV Industry as a whole.
But we are beginning to see some steps towards production at last and that is great news for all who have booked the Simple One. We were hoping to see firm dates on the production ramp and deliveries too.
Let's hope Simple Energy starts offering regular updates and becomes more communicative unlike other companies. Take a look at Aptera in the US for the way they communicate to the community. Indian startups have a lot to learn with regards to updating their followers and customers. Best wishes to Simple Energy as they proceed to hit major milestones in 2023.
For a startup, that 'launched' their product in mid 2021, the production date of the Simple One is still undecided. We are in 2023 now. We definitely knew the 2021 'launch' was a PR event to attract investors. At that time we wondered if the startup would ever enter production. Simple are NOT the first startup to do this. Tesla does this regularly. This is an issue with the EV Industry as a whole.
But we are beginning to see some steps towards production at last and that is great news for all who have booked the Simple One. We were hoping to see firm dates on the production ramp and deliveries too.
Let's hope Simple Energy starts offering regular updates and becomes more communicative unlike other companies. Take a look at Aptera in the US for the way they communicate to the community. Indian startups have a lot to learn with regards to updating their followers and customers. Best wishes to Simple Energy as they proceed to hit major milestones in 2023.
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