Simple Energy Bags USD 10 Mn in Equity Round Led by Thyrocare Founder Simple Energy will use the fresh capital to expand retail and service networks across India, boost marketing initiatives, and allocate part of the funds to research and development.
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Bengaluru-based EV startup Simple Energy has raised USD 10 million in an all equity funding round. The round was led by existing investor Dr. Arokiaswamy Velumani, Founder of Thyrocare's Family Office, along with fellow investors Balamurugan Arumugam and the Haran family office.
The startup said the fresh capital will support its expansion of retail and service networks across India and also strengthen marketing efforts. A portion of the funding will be directed toward research and development.
Founded in 2019 by Suhas Rajkumar and Shreshth Mishra, with Ankit Gupta later joining as co founder, Simple Energy designs and manufactures smart electric two wheelers. The company set an industry milestone by becoming the first Indian OEM to commercially produce heavy rare earth free motors. It also offers an eight year motor warranty, which is among the longest in the sector.
At present, Simple Energy operates 53 outlets across cities such as Bengaluru, Goa, Pune, Vijayawada, Hyderabad, Vizag and Kochi. It has plans to scale to 150 stores and 200 service centres nationwide in 2025. Its manufacturing plant in Hosur, Tamil Nadu has an annual capacity of 150,000 vehicles.
So far, the startup has secured a total of USD 51 million from investors. Earlier this year it launched two updated models, the Simple One and Simple OneS, with ranges of 248 km and 181 km respectively.
Competitors of Simple Energy include Ola Electric, Ather Energy, TVS Motor and Bajaj Auto.
