Simple Energy raises $10 Mn in bridge round

Bengaluru-based EV startup Simple Energy has raised $10 million in an all-equity bridge round, led by existing investor Dr. Arokiaswamy Velumani (Founder, Thyrocare’s Family Office), with participation from Balamurugan Arumugam and the Haran family office. 

The proceeds will be primarily used to expand its retail and service footprint across India and support continued R&D investments.

Founded in 2019 by Suhas Rajkumar and Shreshth Mishra, with Ankit Gupta later joining as co-founder, Simple Energy builds smart, high-performance electric two-wheelers. It also set an industry benchmark by offering an 8-year motor warranty and recently became the first Indian OEM to commercially produce heavy rare-earth-free motors.

Currently operating 53 outlets across Bengaluru, Goa, Pune, Vijayawada, Hyderabad, Vizag, and Kochi, Simple Energy plans to scale aggressively in 2025 with 150 stores and 200 service centres nationwide. Its manufacturing plant in Hosur, Tamil Nadu has an annual capacity of 150,000 vehicles.

To date, Simple Energy has raised $51 million from marquee investors. Earlier this year, it launched the Gen 1.5 of Simple One (248 km IDC range) and the Simple OneS (181 km IDC range), now available at its retail outlets. 

Looking ahead, the company is preparing for an IPO in FY 2027, targeting $350 million to fuel manufacturing and market expansion.