Electric vehicle and clean energy startup Simple Energy has raised Rs 250 crore in a funding round comprising a mix of debt and equity. The round was led by the family office of Arokiaswamy Velumani, founder of Thyrocare Technologies, while Simple Energy’s founders also participated. Debt financing came from HDFC Bank, Capitar Ventures, and other NBFCs, which contributed Rs 123 crore.
The Bengaluru-based startup had previously secured $20 million in a Series A funding round in July 2024, more than $20 million in a bridge round in February 2023, and $21 million in a pre-Series A funding round led by investors Manish Bharti and Raghunath Subram in November 2021.
The proceeds will be used to scale production capacity, expand the distribution network, and support product development, the company said in a press release.
Co-founded in August 2019 by Suhas Rajkumar and Shreshth Mishra, Simple Energy designs and manufactures high-performance electric two-wheelers. Its flagship electric scooter offers a range of up to 248 km per charge, a top speed of 105 kmph, and large boot storage.
According to Simple Energy, the company is preparing for an IPO in the second half of FY28. It aims to raise approximately Rs 3,000 crore ($350 million) to support market expansion, research and development, and the establishment of a new manufacturing facility.
Simple Energy plans to increase manufacturing capacity from 3,000 scooters per month to 10,000 by January and 15,000 by March next year. The company currently sells around 2,000 scooters every month and expects to expand its retail network from nearly 80 stores to 200–250 outlets by next March.
The company reported operating revenue of around Rs 150–160 crore in FY26, compared with about Rs 40 crore in the previous fiscal year, a nearly fourfold increase. It currently derives most of its sales from southern states.
