Simple Energy raises ₹1,750 crore in equity funding for expansion projects
This marks Simple Energy’s largest funding round, taking the total funding to ₹2,530 crore to date
Simple Energy secured ₹1,750 crore in equity funding for its Series C round, aiming to fuel its growth and expansion. The investment was led by billionaire entrepreneur Arokiaswamy Velumani and his family office, with participation from the company's founder and CEO, Suhas Rajkumar, and co-founder and CFO, Ankit Gupta. This marks Simple Energy's largest funding round to date, bringing the total funding to ₹2,530 crore.
The company, backed by existing investors, is also among the top three electric two-wheeler makers in India, according to Velumani.
Rajkumar revealed that the funds will be allocated towards expanding the retail and service networks, increasing production at the existing manufacturing plant, and setting up a new manufacturing facility. The remaining capital will be utilized for hiring key personnel and investing in research and development for the next product cycle.
The company's end-to-end technology for chassis, battery, motor, and software sets it apart in the Indian EV vertical. With the global energy crisis creating opportunities, Velumani believes Simple Energy is well-positioned to become a top three player in the electric two-wheeler sector within three years.
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Also reported by 1 other outlet
- Simple Energy raises $180 million in largest funding round, eyes top-five EV two-wheeler spot economictimes.indiatimes.com
