Simple Energy, a manufacturer of electric two-wheelers, has raised 1750 crore rupees in a Series C funding round. This round is the third largest in the developing two-wheeler EV sector.
The new round was led by the Family Office of Dr. Arokiasmavi Velumani's family, with participation from Simple Energy founder and CEO Sukhas Rajkumar and co-founder and CFO Ankit Gupta. Representatives of HNI from Bangalore, Amit Mishra, and the Haran family's Family Office also participated in the round.
The attracted capital will be used to support the company's next stage of growth in manufacturing, product development, and retail. A significant portion of the funds will go towards expanding service and sales networks, increasing production at the existing plant, and establishing a new manufacturing facility.
The remaining funds are designated for hiring personnel in key departments and further investment in research and development for the company's next product cycle. Rajkumar noted that the company has built an internal base of technology, products, manufacturing capabilities, and retail network over the past years, and this round will provide the necessary capital to scale this foundation.
The company was founded in 2019 by Rajkumar together with Shrestha Mishra, and Gupta later joined. Simple Energy specializes in developing electric motorcycles characterized by long range, fast charging, and affordability.
Currently, the company reports a production capacity of 3000 units per month. It has over 80 sales points in more than 60 cities, including Bangalore, Delhi, Patna, Hyderabad, and Chennai. The company claims that its monthly sales have grown more than fourfold compared to the previous year, and two products, Simple Wave and Simple Ultra, belonging to the family and sports scooter segments, were released in the last eight months.
Dr. A Velumani, creator of Thyrocare, AVMLabs, and AVMSmiles, commented on the growth, stating that the fourfold increase in one year indicates rapid development of both the company and the industry. He emphasized that SEPL possesses end-to-end technologies for chassis, battery, engine, and software, which is rare in the Indian EV segment. The next phase of development will focus on scaling up production, marketing, and retail networks.
The largest funding round for the Bangalore-based company occurred after a debt and equity round of 250 crore rupees announced in June. In the same month, Exponent Energy raised 200 crore rupees. Thanks to the current round, Simple Energy's total raised capital exceeds 2530 crore rupees.
In recent months, several Indian companies in the EV and electric mobility sectors have also attracted new funding: Ola Electric raised 500 crore rupees through QIP in June, Ather Energy received 1300 crore rupees through QIP in July, Mahindra Last Mile Mobility raised 322 crore rupees in July, River Mobility received $120 million in August, Greaves Electric Mobility raised 530 crore rupees in August, Yulu received $93 million in August, and Omega Seiki Mobility received 50 crore rupees in August. At the beginning of this month, Yuma Energy raised $35 million, and Ultraviolette raised $85 million.