Bengaluru-based EV startup Simple Energy raised approximately ₹250 crore in its Series B funding round, comprising a mix of debt and equity. The company's founder, Suhas Rajkumar, along with co-founder Ankit Gupta and the family office of Dr. Arokiaswamy Velumani, participated in this round, contributing around ₹127 crore in funding. Additionally, ₹123 crore in debt funding was secured from HDFC Bank, Capital Ventures, and other NBFCs.
Simple Energy was founded in Bengaluru in 2019 with the aim of manufacturing electric two-wheeler scooters. Suhas Rajkumar established the company with the specific goal of creating long-range electric two-wheelers. The company operates on a "Made in India" manufacturing model and is striving to establish a strong presence in the premium EV segment.
The company's revenue rose from ₹40 crore in FY25 to ₹170 crore in FY26, marking a fourfold increase.
Currently, the company has the capacity to manufacture 3,000 scooters per month. Simple Energy aims to scale its production to 10,000 units per month by 2027. Additionally, the company has expanded its footprint to 38 cities, operating approximately 71 outlets.
Simple Energy manufactures its own batteries. It produces and tests them at its 'Simple Vision 1.0' plant in Tamil Nadu. The company currently has a capacity of 1 GWh, which is set to increase in the future; battery manufacturing is the company's core strength.
The company faces stiff competition in the Indian market, which is witnessing rapid EV adoption. It must contend with major players in the EV sector while striving to establish its own brand identity.
0 Comments