The sustainable energy and electric car company Simple Energy has secured more than $20 million in the current bridge phase. After a 15-month hiatus, the Bengaluru-based business has received a new round of funding.
Investors from the bridge round included Manish Bharti and Vasavi Green Tech in addition to Thyrocare founder Arokiaswamy Velumani, Ashwin Hinduja of the Gokaldas Group, Sanjay & Sandeep Wadhawa, owners of Nash Industries, and Purple Moon Ventures.
According to a press statement from the firm, these monies will be used gradually to speed up the manufacturing of its Simple ONE electric scooter. Over 1 lakh reservations have allegedly been made by Simple Energy’s customers in response.
The startup has previously secured $21 million in pre-Series funding in November 2021. The company, led by Suhas Rajkumar, received a $200 million valuation in the previous round. The business did not, however, provide its current worth.
Simple Energy, which was founded in 2019, also specializes in surface and chassis designs in addition to battery and motor development. With a $100 billion initial investment, it just opened a brand-new factory in Shoolagiri, Tamil Nadu.
Compared to zero revenue from operations in FY21, Simple Energy produced 8.5 lakh rupees in FY22. According to its consolidated annual financial statement filed with the RoC, its losses increased significantly from Rs 28 lakh to Rs 8.31 crore in FY22.
The business contends with rivals including Ola Electric and Ather Energy. In FY22, Ather’s operational revenue increased 411.9% to Rs 408.5 crore, whereas Ola Electric has not yet submitted its FY22 financial information. The SoftBank-backed firm lost 200 crore rupees during FY21 compared to operational income of 86 million rupees. Other businesses in the electric two-wheeler market, including Okinawa, Hero Electric, and Ampere, reported topline revenues of 822, 841, and 522 billion rupees, respectively, in FY22.
