Electric vehicle startup Simple Energy on Tuesday proclaimed hovering $20 million, i.e. about Rs 165 crore, from a grasp of investors as a part of its unending Bridge round.

The funds will be utilised in a phased manner to incline up construction of the company’s maiden e-scooter Simple ONE, which has yet to be carried to a single customer even after 18 months of unveiling. The company has been submitting deliveries of the vehicle since December 2021.

“We have acknowledged a remarkable pre-booking response, and to cater to the petition, we are nurturing funds promptly. The funds raised will be advantageously used for the assistance of production ramp-up and an earlier delivery inauguration,” said Suhas Rajkumar, founder and CEO of Simple Energy.

The company titles that it has expected over one-lakh bookings for electronic scooters. “We have efficaciously de-bottlenecked product restrictions and are buoyant that we will soon start conveyances of Simple ONE,” Rajkumar said.

The company recently installed its new capability in Shoolagiri, Tamil Nadu, with a preliminary Rs 100 crore investment, Simple Energy said in the statement of exchange filing.