Electric two-wheeler maker Simple Energy has raised Rs 1,750 crore in its Series C funding round, marking the third-largest funding round in a growing EV two-wheeler space.
The fresh funding round was led by the Dr Arokiaswamy Velumani Family Office, alongside Simple Energy’s Founder and CEO Suhas Rajkumar and Co-founder and CFO Ankit Gupta, with participation from Bengaluru-based HNI Amit Mishra and the Haran Family Office.
The capital will be used to drive the company’s next phase of growth across manufacturing, product development, and retail.
A significant portion of the funds will go towards expanding its retail and service networks, scaling up production at its existing plant, and establishing a new manufacturing facility. The remaining funds will support hiring across key functions and further investment in research and development for the company’s next product cycle.
“Over the past few years, we have built our core technology, products, manufacturing capabilities, and retail network in-house. This round gives us the capital to scale that foundation,” stated Rajkumar.
Founded in 2019 by Rajkumar, with Shreshth Mishra and later Gupta as co-founders, the company develops electric two-wheelers focused on long range, fast charging, and affordability.
Simple Energy said it currently has a production capacity of 10,000 units a month. The company has more than 80 outlets across 60-plus cities, including Bengaluru, Delhi, Patna, Hyderabad, and Chennai.
The company claims its monthly sales have grown more than fourfold year-on-year, while it has launched two products in the past eight months, the Simple Wave and Simple Ultra, spanning the family and performance scooter segments.
“Growth of 4x in a year says both the company and industry are growing rapidly. SEPL owns end-to-end technology for chassis, battery, motor, and software. That is very rare in the Indian EV vertical. The next phase will focus on scaling in manufacturing, marketing, and retail networks,” said Dr. A. Velumani, Creator - Thyrocare, AVMLabs & AVMSmiles.
The Bengaluru-based company’s largest funding round comes on the heels of a Rs 250 crore debt and equity round that was announced in June. Exponent Energy raised Rs 200 crore in the same month. With the current round, Simple Energy’s total capital raised to date stands at over Rs 2,530 crore.
Several Indian EV and electric mobility companies have secured new funding in recent months, with Ola Electric raising Rs 500 crore through a QIP in June, Ather Energy securing Rs 1,300 crore through a QIP in July, Mahindra Last Mile Mobility raising Rs 322 crore in July, River Mobility securing $120 million in August, Greaves Electric Mobility raising Rs 530 crore in August, Yulu securing $93 million in August, and Omega Seiki Mobility raising Rs 50 crore in August. Earlier this month, Yuma Energy secured $35 million, and Ultraviolette raised $85 million.
