India, May 15 -- IPO-bound electric two-wheeler maker Simple Energy is raising Rs.126.7 Cr (around $13.2 Mn) in a funding round led by its existing backer - Thyrocare founder Arokiaswamy Velumani. The round will also see participation from a clutch of angel investors.

According to Simple Energy's MCA filings accessed by Inc42, the Bengaluru-based startup's shareholders passed a resolution last month to issue 2.11 Lakh Series X CCPS at Rs.6,000 each. Cofounders Suhas Rajkumar and Ankit Gupta will also participate in the round, investing Rs.13.5 Cr each.

The resolution said the fresh capital will be used for Simple Energy's growth and business expansion plans.

The funding seems to be part of an ongoing round. Questions sent to the startu...