Simple Energy Raises $10 Million to Accelerate EV Expansion
- Simple Energy secures $10 Million in bridge funding led by existing investors.
- Startup to open 150 new showrooms and 200 service centres in 2025.
- Company eyes IPO in FY 2027 to boost manufacturing and growth.
Bengaluru based EV startup Simple Energy has raised $10 million in a bridge round to fuel its next growth phase. The round was led by existing investor Dr Arokiaswamy Velumani, Founder of Thyrocare’s Family Office, with participation from Balamurugan Arumugam and the Haran family office.
The fresh capital will drive Simple Energy’s aggressive retail expansion across India. The company plans to launch 150 new showrooms and 200 service centres in 2025, scaling beyond its current presence of 53 outlets in cities including Bengaluru, Goa, Pune, Hyderabad, and Kochi. Nearly 80% of the funds will be allocated to retail expansion, while the remainder will go into R&D to strengthen product innovation.
Suhas Rajkumar, CEO and Founder of Simple Energy said, “This investment marks a milestone for Simple Energy”. He added, “Our goal is to make electric mobility more accessible and scale across both established and emerging markets”.
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Founded in 2019, Simple Energy has carved its niche with longest range electric two-wheelers, full vertical powertrain integration, and an eight year motor warranty. It also became the first Indian OEM to mass produce heavy rare earth free motors. Its Hosur facility has an annual production capacity of 150,000 vehicles.
The company has raised $51 million to date and plans an IPO in FY 2027, targeting $350 million for manufacturing expansion. With the launch of Gen 1.5 Simple One (248 km range) and Simple OneS (181 km range), the startup is set to strengthen its hold in India’s fast-growing EV two-wheeler market.
