Electric vehicle and clean energy startup Simple Energy has raised over $20 million in the ongoing bridge round. The fresh fund has come after a gap of 15 months for the Bengaluru-based startup.

The bridge round witnessed the participation of investors from Arokiaswamy Velumani, founder of Thyrocare, Ashwin Hinduja of Gokaldas Group, Sanjay & Sandeep Wadhawa, owner of Nash Industries, Purple Moon Ventures along with existing investors like Manish Bharti & Vasavi Green Tech.

The company will use these funds in a phased manner to accelerate production of its electric scooter Simple ONE, the company said in a press release. Simple Energy claims that it has received a response with over 1 lakh bookings from its customers.

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Previously, the startup had raised $21 million in pre-Series investment in November 2021. Led by Suhas Rajkumar, the firm was valued at $200 million during the last round. However, the company did not disclose its current valuation.

Founded in 2019, Simple Energy also deals in surface and chassis designs along with battery and motor development. It recently inaugurated its new brand-new facility in Shoolagiri, Tamil Nadu with an initial investment of Rs 100 crore.

About Simple Energy

Simple Energy specializes in the manufacture of smart electric two-wheelers. Simply Energy consists of a young 100+ member team of EV enthusiasts, designers, engineers, and problem-solvers coming together to make smart, supercharging, and affordable two-wheelers. The company was founded in 2019 and is based in Bangalore, India.