EV startup Simple Energy raises $20 mn from investors in Bridge round
Electric vehicle startup Simple Energy on Tuesday announced raising USD 20 million (about Rs 165 crore) from a clutch of investors as a part of its ongoing Bridge round.
The funds will be utilised in a phased manner to ramp up production of the company’s maiden e-scooter Simple ONE, which has not yet been delivered to a single customer even after 18 months of its launch.
The company has been deferring deliveries of the vehicle since December 2021.
“We have received a phenomenal pre-booking response, and to cater to the demand, we are raising funds in a timely manner. The funds raised will be strategically used to aid the production ramp-up and for a quicker delivery commencement,” said Suhas Rajkumar, founder and CEO of Simple Energy.
