New Delhi, June 1 -- Bengaluru-based electric two-wheeler maker Simple Energy has raised Rs 250 crore ($26.3 million) through a mix of equity and debt, closing its Series B funding round.
The round comprised Rs 123 crore in debt financing from HDFC Bank, Capitar Ventures, and other non-banking lenders, alongside Rs 127 crore ($13.4 million) in equity. The equity round was led by the family office of Thyrocare Technologies' founder Arokiaswamy Velumani, an existing investor in the company, with participation from founder Suhas Rajkumar and co-founder Ankit Gupta.
Simple Energy said it will use the fresh capital to primarily scale production, including manufacturing and capacity. The remainder will be deployed toward sales, marketing, and research and development to strengthen the company's product roadmap and customer experience, it said in a statement.
"This will help us scale production, strengthen our made-in-India manufacturing stack, and expand access to our long-range, performance-led scooters nationwide," said founder and CEO Rajkumar. "The funding will be mainly directed towards capacity expansion, targeting monthly sales of 10,000 scooters by March 2027, alongside continued investments in R&D and marketing."
Founded in 2019 by Rajkumar and Shreshth Mishra, with Ankit Gupta joining later, Simple Energy develops electric two-wheelers with deep localization. The company claims its vehicles offer the longest driving range in the country. Its manufacturing facility in Hosur, Tamil Nadu, has an annual production capacity of 150,000 vehicles.
The company currently operates at a production capacity of around 3,000 units per month and sells about 1,500 units monthly. It said its revenue quadrupled to Rs 170 crore in FY26 from Rs 40 crore a year ago.
Simple Energy is now targeting a public listing in the second half of FY28 as it enters an aggressive growth phase.
The company operates more than 71 outlets across 38 cities, including Bengaluru, Delhi, Patna, and Chennai, and is expanding into newer markets such as Ranchi, Bhubaneshwar, and Cuttack. It currently commands about 5% of India's electric two-wheeler market and competes with established players such as TVS Motor, Bajaj Auto, Ola Electric, and Ather Energy.
The latest funding comes less than a year after Simple Energy raised $10 million (around Rs 88.6 crore then) in an all-equity round led by Velumani's family office in September 2025. Existing investors, including Balamurugan Arumugam and the Haran family office, also participated in that round.
Earlier, in July 2024, the company secured $20 million to scale up its production. Prior to that, it raised $20 million in a bridge round in early 2023 from investors including Velumani, Ashwin Hinduja of Gokaldas Group, Nash Industries' owners Sanjay and Sandeep Wadhawa, and Purple Moon Ventures.
In 2021, Simple Energy raised $21 million in equity funding from Manish Bharti of UiPath and Raghunath Subramanian, non-executive chairman of UiPath India.
Published by HT Digital Content Services with permission from VC Circle.