Simple Energy Raises $10 Million Pre-IPO Funding for Nationwide Expansion

Bengaluru, September 25 – Simple Energy, a maker of electric two-wheelers, has raised $10 million in an all-equity funding round, advancing its plans for national retail expansion and research and development efforts as it gets ready for a public listing.

Funding Round and Key Investors

The new tranche was headlined by Arokiaswamy Velumani, Thyrocare’s Family Office Founder, with further investment from existing investors such as Balamurugan Arumugam and Haran family office. Simple Energy now has a total of $51 million in funding from high-profile investors cumulatively.

IPO Plans

The Bengaluru-headquartered firm has officially announced its plans to go public over the coming fiscal year, seeking to raise about $350 million by issuing an initial public offering. The funds raised from the IPO will be channelled towards strengthening manufacturing capabilities as well as driving overall business growth.

Fund Utilisation

Founder and CEO Suhas Rajkumar said almost 80 percent of the funds raised will be used to create a vast dealer and service network in India, further expanding the brand’s retail footprint. The remaining amount will be put into research and development, especially to drive product innovation.

“This investment will support our next growth phase, bringing electric mobility within reach for the masses in India. With the flow of this money, we are sure of scaling up into established and emerging markets and providing India’s longest-range electric two-wheelers,” Rajkumar said.

Growth and Expansion Strategy

Founded in 2019 by Rajkumar and co-founders Shreshth Mishra and Ankit Gupta, Simple Energy runs a state-of-the-art manufacturing unit in Hosur, Tamil Nadu, with a yearly manufacturing capacity of 1.5 lakh units.

At present, the company operates 53 showrooms in cities like Bengaluru, Goa, Pune, Vijayawada, Hyderabad, Vizag, and Kochi. By the end of the current year, it plans to triple its footprint by expanding to 150 retail outlets and 200 service centers in India.

Technology Milestone

In a major milestone for the domestic electric mobility industry, Simple Energy has recently emerged as the first Indian original equipment manufacturer to manufacture heavy rare-earth-free motors commercially. The achievement places the company at the forefront of innovation while further solidifying its focus on sustainable electric mobility solutions.

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