EV two-wheeler maker Simple Energy bags Rs 1,750 Cr funding

Simple Energy, an electric two-wheeler manufacturer, has secured Rs 1,750 crore in its Series C funding round, positioning it as the third-largest funding round in the rapidly expanding EV two-wheeler industry. Led by Dr Arokiaswamy Velumani Family Office, Founder and CEO Suhas Rajkumar, Co-founder and CFO Ankit Gupta, HNI Amit Mishra, and the Haran Family Office, the capital will be utilized to fuel the company's expansion in manufacturing, product development, and retail.

The funds will primarily be allocated towards scaling up production at the existing plant, establishing a new manufacturing facility, enhancing the retail and service networks, hiring across critical functions, and investing in research and development for the upcoming product cycle. Simple Energy's Founder and CEO Rajkumar expressed that the capital will enable the company to leverage its existing core technology, products, manufacturing capabilities, and retail network.

The company, established in 2019, currently produces 10,000 units per month and boasts more than 80 outlets in 60-plus cities, including Bangalore, Delhi, Patna, Hyderabad, and Chennai. Its monthly sales have surged over four times year-on-year, and it launched two new products, Simple Wave and Simple Ultra, in the past eight months.

Dr. A. Velumani, Creator of Thyrocare, AVMLabs & AVMSmiles, praised Simple Energy for its end-to-end technology in chassis, battery, motor, and software, a rare feat in the Indian EV vertical. This funding round follows a Rs 250 crore debt and equity round announced in June, and Exponent Energy's Rs 200 crore round in the same month.

With the current funding, Simple Energy's total capital raised to date amounts to over Rs 2,530 crore.