Simple Energy Charges Forward with $10M Funding for Expansion
Simple Energy, a Bengaluru-based electric two-wheeler startup, has secured $10 million in equity funding led by Thyrocare's Family Office. The funds will primarily aid in expanding their pan-India retail network and enhancing R&D, while also preparing for a $350 million IPO next fiscal year.
Simple Energy, poised for an IPO, announced a $10 million equity funding round aimed at expanding its retail network across India and enhancing research and development. The Bengaluru-based electric two-wheeler manufacturer raised this capital, led by existing investor Arokiaswamy Velumani, Founder of Thyrocare's Family Office.
This latest funding brings the company's total raised capital to $51 million. The company plans to utilize nearly 80% of this latest influx towards expanding its retail and service network, according to Suhas Rajkumar, Founder and CEO. The funds will also support the company's efforts in making electric mobility more accessible across India.
With a manufacturing facility in Hosur, Tamil Nadu, Simple Energy aims to increase its current output of 150,000 vehicles annually. It plans to open 150 new stores and 200 service centers nationwide. Additionally, the company recently became the first Indian OEM to commercially produce heavy rare-earth-free motors.
(With inputs from agencies.)
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- R&D
- Suhas Rajkumar
- Thyrocare
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