New Delhi, Sept. 25 -- Bengaluru-based electric two-wheeler firm Simple Energy has raised $10 million (around Rs 88.6 crore) in an all-equity round led by existing investor Arokiaswamy Velumani, founder of Thyrocare's family office. Other existing investors, including Balamurugan Arumugam and the Haran family office, also participated in the round.

The company plans to utilize the funds to expand its retail presence across India and boost marketing initiatives. "This investment will bolster our next phase of growth. It will help in making electric mobility more accessible to customers across India. Nearly 80% of the capital will be directed towards expanding our retail presence and building a robust dealer and service network," said CEO and founder Suhas Rajkumar.

The remaining funds will go towards R&D. "The rest of the funds will be employed towards R&D. With this influx, we are confident in scaling into both established and emerging markets, delivering India's longest-range electric two-wheelers that meet the needs of Indian riders," Rajkumar added.

Founded in 2019 by Suhas Rajkumar and Shreshth Mishra (with Ankit Gupta joining later), Simple Energy claims to have built electric two-wheelers with deep localization, boasting the country's longest driving range. Its manufacturing facility in Hosur, Tamil Nadu, has an annual production capacity of 150,000 vehicles.

To date, Simple Energy has raised $51 million across multiple funding rounds. It is now eyeing an IPO in FY27 to raise $350 million to fuel manufacturing expansion and other growth initiatives.

In February this year, Simple Energy launched Gen 1.5 of its Simple One model with a 248 km IDC range, followed by the Simple OneS model in March with a 181 km IDC range.

These models are currently available at the company's 53 outlets across cities such as Bengaluru, Goa, Vijayawada, Hyderabad, Visakhapatnam, and Kochi. Simple Energy aims to open 150 new stores and 200 service centres nationwide this year.

Published by HT Digital Content Services with permission from VC Circle.