Simple Energy is raising ₹126.7 crore (around $13.2 million) in a fresh funding round led by existing investor and Arokiaswamy Velumani, as the Bengaluru-based company prepares for its much-anticipated IPO and expansion plans.
The round will also see participation from several angel investors along with the startup’s co-founders Suhas Rajkumar and Ankit Gupta, who are each investing ₹13.5 crore into the company.
According to regulatory filings accessed through the Ministry of Corporate Affairs (MCA), the company’s shareholders approved the issuance of over 2.11 lakh Series X Compulsorily Convertible Preference Shares (CCPS) at a price of ₹6,000 per share.
Simple Energy plans to utilise the fresh capital for business growth, retail expansion, and strengthening its overall operations as competition in India’s electric vehicle market intensifies.
The funding appears to be part of a larger ongoing round. Including this latest raise, the startup’s total funding has crossed $84 million so far.
The company’s investor base already includes names such as Haran Family Office, Desai Family Office, and Vasavi Family Office.
Founded in 2019 by Suhas Rajkumar and later joined by Shreshth Mishra and Ankit Gupta, Simple Energy operates in India’s fast-growing electric two-wheeler segment.
The startup currently offers three electric scooter models Simple One, Simple OneS, and Simple Ultra — and has expanded its retail footprint across multiple states including Karnataka, Tamil Nadu, Andhra Pradesh, Telangana, Kerala, Maharashtra, Rajasthan, Delhi, and Uttar Pradesh.
At present, the company operates nearly 70 retail outlets across the country.
Simple Energy is also preparing for a public listing. Last year, co-founder Rajkumar revealed that the company was targeting an IPO by FY27 and planned to raise nearly $350 million through the offering to accelerate research and development and expand its retail network to around 500 stores.
Despite its ambitious growth plans, the startup has faced several challenges since its early days. Deliveries, initially expected to begin in 2022, were delayed due to regulatory issues and fundraising hurdles, impacting early momentum.
However, the company began gaining traction in 2025 as demand for electric scooters improved.
According to Vahan data, Simple Energy has sold nearly 4,806 electric scooters so far, including 1,244 units in April 2026. The company achieved its highest-ever monthly sales in March with 1,775 units before witnessing softer demand in April amid an overall slowdown in India’s electric two-wheeler market.
Industry-wide, electric two-wheeler registrations declined 20% month-on-month in April to around 1.4 lakh units, although volumes remained significantly higher compared to the same period last year.
Simple Energy competes with major EV players including Ather Energy, Ola Electric, River Mobility, Ultraviolette Automotive, and Oben Electric.
The Indian EV market is becoming increasingly competitive as startups and traditional automakers continue investing heavily in localisation, technology, niche segments, and faster go-to-market strategies.
Government support has also continued to strengthen the sector. Earlier this month, Narendra Modi encouraged citizens to reduce dependence on fossil fuels by adopting electric vehicles, public transportation, and carpooling.
Financially, Simple Energy recorded strong revenue growth in FY25. Its operating revenue jumped more than six times to ₹40.7 crore compared to ₹6.6 crore in FY24, while total income rose to ₹44.3 crore.
At the same time, the company’s consolidated net loss widened by 32.6% to ₹83 crore as operational and expansion-related expenses increased sharply.
The company is yet to announce its FY26 financial results, but management has previously stated that it is targeting massive year-on-year growth in both sales and revenue as it scales operations across India’s expanding EV market.
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