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CEO Simple Energy: The e-mobility startup shows an expected revenue of Rs. 1600 crore for FY24
E-mobility startup
Simple Energy has informed that it expects to generate sales of Rs 1,600 crore this fiscal year, two months after introducing its first e-scooter, the Simple One, report of CNBC TV 18 reported. The company's founder and CEO, Suhas Rajkumar, stated that Simple Energy's revenue estimates are in line with the pre-orders for Simple One, which have surpassed the one lakh mark.According to Suhas, "The revenue forecast is positive," as seen by the high levels of pre-orders and client demand. Each pre-order is a chance for the business to make a sale and generate income.
The Simple One, which was introduced in May, has drawn a lot of attention thanks to its IDC-certified 212-kilometre range and Rs 1.58 lakh price tag, which includes a fast charger. Suhas contends that these elements serve as important growth catalysts and are responsible for the rapid rate of pre-bookings. "The growth factors to this are the absence of rival goods in the market, range anxiety, specs and qualities of our product," he added. "These pre-bookings reflect strong customer demand and enthusiasm for our offerings, which provide a strong basis for (further) revenue creation."
To achieve its revenue predictions, Simple Energy will now start a path of operational growth, manufacturing ramp-up, and delivery capabilities scale-up. Phases 1 and 2 of Simple One's delivery have been focused on stabilising sales operations, according to Suhas. CNBC-TV18 further reported that in May that it aimed to sell 1.5 lacks Simple One units over the course of 18 months in order to reach an order book of Rs. 1,400 crores. Suhas also stated that the startup will aim to raise $100 million during its subsequent fundraising effort. This strategy is also on track.
"The projected financing round is still going on and as of now we haven't completed or disclosed its completion," he informed CNBC-TV18.com. The infrastructure for R&D, manufacturing capacity, marketing, and customer service will all be strengthened thanks to this funding, Suhas continued. According to estimates, the startup is now valued at $300 million, and its two main competitive advantages are a greater range and a sophisticated heat management system. But ultimately, if it can produce its e-scooters and provide them quickly enough to fulfil the demand that seems to be more than healthy, will determine its success.