Simple Energy raises $180 million in largest funding round, eyes top-five EV two-wheeler spot

Bengaluru-based electric two-wheeler manufacturer Simple Energy has successfully raised Rs 1,750 crore ($180 million) in its largest funding round to date. This capital injection will be utilized by the company for expanding its production capacity and retail network across India, with the aim of securing a top-five position among electric two-wheeler makers.

The equity round was led by Dr Arokiaswamy Velumani, founder of diagnostics company Thyrocare Technologies, through his family office. Other participants in the funding round included Suhas Rajkumar, founder and CEO of Simple Energy, Ankit Gupta, cofounder and CFO, Bengaluru-based HNI Amit Mishra, and the Haran Family Office.

Simple Energy had previously raised Rs 250 crore in June to expand manufacturing and its retail network. However, the latest round is significantly larger, reflecting the company's ambition to build a new manufacturing facility and more than double its monthly production capacity from the current 10,000 scooters to around 25,000 scooters within the next year.

Rajkumar, who co-founded Simple Energy, expressed optimism about the new funding. He stated that the company is currently able to meet only about 50% of the demand for its scooters, with demand currently three to four times higher due to the launch of its family scooter, the Simple Wave.