Simple Energy e-scooter
').insertAfter(".article-content__img");$(".article-content__img div").find('div').remove();
EV Startup Simple Energy Raises $20 Mn From Investors In Bridge Round
Electric vehicle startup Simple Energy on Tuesday announced raising $20 million (about Rs 165 crore) from a clutch of investors as a part of its ongoing Bridge round
Topics
Electronic vehicles | Investments | fund raising
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.
The company claims that it has received over one-lakh bookings for the e-scooters.
"We have successfully de-bottlenecked product constraints and are confident that we will soon start deliveries of Simple ONE," Rajkumar said.
The company recently inaugurated its new facility in Shoolagiri, Tamil Nadu, with an initial Rs 100 crore investment, Simple Energy said in the statement.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Subscribe to Business Standard Premium
Exclusive Stories, Curated Newsletters, 26 years of Archives, E-paper, and more!
First Published: Tue, February 07 2023. 11:20 IST
RECENT NEWS
JPMorgan's Berlin Moment: Chase Takes On Europe
There is something quietly symbolic about JPMorgan Chase choosing Berlin as its gateway into continental Europe. In a fo... Read more
What Strategy's Bitcoin Sale Really Tells Us
There is a moment in every bull run when the narrative starts to fray. Not with a crash, not with a scandal, but with so... Read more
Coutts Sets Scope On New Continent
Coutts steps into private marketsCoutts, the private bank best known for serving Britain’s wealthiest families and the... Read more
From Cypherpunk To Citadel
How Crypto Moved from the Wild West to the Mainstream Financial SystemA long-form analysis of Bitcoin's journey from fri... Read more
ACB Securities: Building Scale, Trust & Innovation
ACB Securities: Building Scale, Trust and Innovation in Vietnam’s Capital MarketsACB Securities (ACBS) is emerging as ... Read more
War Risk Returns To Markets As VIX Surges
For most of the past year, global markets behaved as though geopolitical risk had largely disappeared. Inflation was eas... Read more