Quick Take
- Simple Energy raises Rs 250 Cr (approx $30 Mn) in a Series B round mixing debt and equity.
- The round is led by the family office of Dr. Arokiaswamy Velumani, founder of Thyrocare Technologies.
- The Bengaluru EV startup targets an IPO in the second half of FY28 and Rs 3,000 Cr revenue by FY30.
In This Article
Simple Energy raises Rs 250 Cr (approximately $30 Mn) in a Series B round. The round mixes Rs 127 Cr in equity led by the family office of Dr. Arokiaswamy Velumani, founder of Thyrocare Technologies, with Rs 123 Cr in debt from HDFC Bank, Capitar Ventures, and other NBFCs (Non-Banking Financial Companies). Simple Energy’s own co-founders, Suhas Rajkumar and Ankit Gupta, also participated in the equity portion, investing Rs 13.5 Cr each, according to MCA (Ministry of Corporate Affairs) filings.
The fundraise marks the Bengaluru company’s most significant capital event since its Series A of $20 Mn in July 2024. It brings Simple Energy’s total funding to over $85 Mn. The company is now in full IPO (Initial Public Offering, a first-time sale of shares to the public) preparation mode, targeting a public listing in the second half of FY28.
StartupFeed Insight
The split structure of this round reveals something the headline number does not. More than half the Rs 250 Cr is debt, which means Simple Energy is borrowing against near-term revenue certainty, not selling equity cheaply. A startup that can service structured debt from HDFC Bank signals a lender-validated revenue model. The Velumani family office, already an existing investor in the company, doubling down at a higher share price tells you they like the FY26 revenue trajectory. Founders running their own cash into the round is the strongest possible internal confidence signal.
Deal Breakdown: The Rs 250 Cr Series B
| Metric | Detail | Notes |
|---|---|---|
| Total Raise | Rs 250 Cr (~$30 Mn) | Debt + equity mix |
| Lead Equity Investor | Dr. A. Velumani Family Office | Thyrocare Technologies founder; existing investor |
| Debt Investors | HDFC Bank, Capitar Ventures, other NBFCs | Rs 123 Cr in structured debt |
| Round Type | Series B | Equity via Series X CCPS at Rs 6,000 per share |
| Previous Round | Series A: $20 Mn (July 2024) | Bridge: $20+ Mn (Feb 2023); pre-Series A: $21 Mn (Nov 2021) |
| Total Raised | Over $85 Mn to date | Includes this Series B |
| Announcement Date | June 1, 2026 | Source: MCA filings + company statement |
The most notable detail in this round is that Dr. Velumani’s family office had already backed Simple Energy in earlier rounds. Returning at a higher per-share price of Rs 6,000 per CCPS (Compulsorily Convertible Preference Share) shows continued confidence in the scooter company’s growth path.
How Will Simple Energy Use the Funds?
About 70% of the total raise will go toward working capital and scaling production at Simple Energy’s 200,000 sq ft facility in Hosur, Tamil Nadu. The remaining 30% will fund R&D (Research and Development), product development, and sales and marketing. The company currently produces 3,000 scooters per month but uses only 35% of its installed capacity.
“We want to scale manufacturing from 3,000 scooters a month to 10,000 by January and 15,000 by March next year. A large part of the working capital is going towards scaling production capacity, expanding our distribution network and product development.”
Suhas Rajkumar, Founder and CEO, Simple Energy.
The company also plans to expand its retail network from about 80 stores to 200-250 outlets by March 2027. It currently sells about 1,500 to 2,000 units per month, with 1,244 units registered in April 2026, according to Vahan data. A capacity unlock at the Hosur battery assembly line is expected by August 2026.
About Simple Energy
Simple Energy is a Bengaluru-based electric two-wheeler manufacturer founded in 2019 by Suhas Rajkumar and Shreshth Mishra, with Ankit Gupta joining as co-founder. The company makes the Simple One and Simple OneS electric scooters, offering up to 248 km IDC (Indian Driving Cycle) range, from a 200,000 sq ft facility in Hosur, Tamil Nadu. It has achieved 95% localisation and became the first Indian EV company to manufacture heavy rare earth-free motors. Key investors include the Velumani Family Office, Apar Industries’ Desai Family Office, and founders. The company has about 500 employees.
Is Simple Energy Headed for a Strong IPO in FY28?
Simple Energy is preparing for an IPO (Initial Public Offering) in the second half of FY28. Founder Suhas Rajkumar told Business Standard that the IPO aims to raise approximately Rs 3,000 Cr ($350 Mn). The proceeds will support market expansion, R&D, and a new manufacturing facility. The company targets Rs 3,000 Cr in revenue by FY30.
Simple Energy’s FY26 operating revenue came in at Rs 150-170 Cr, up nearly 4x from Rs 40 Cr in FY25. This growth puts it on a credible path toward the public markets, where it will follow India’s growing band of IPO-ready deep-tech companies. Ola Electric listed in August 2024 and Ather Energy (co-founded by IIT Madras alumni) listed in April 2025. Greaves Electric Mobility has already received SEBI (Securities and Exchange Board of India) approval for its IPO.
“We are looking at the second half of FY28. Our plans got a bit delayed because of the current market conditions.”
Suhas Rajkumar, Founder and CEO, Simple Energy.
How Does Simple Energy Compare to Competitors?
India’s electric two-wheeler sector is dominated by Ola Electric, Ather Energy, TVS iQube, and Bajaj Chetak. Simple Energy competes in the premium segment, positioning its Simple One scooter on range performance. Here is a quick comparison across three key metrics:
| Company | Latest Funding / Status | Monthly Sales (approx) |
|---|---|---|
| Simple Energy | Rs 250 Cr Series B (June 2026) | 1,500-2,000 units |
| Ola Electric | IPO listed August 2024 (Rs 6,145 Cr raised) | Market leader segment |
| Ather Energy | IPO listed April 2025 ($1.4 Bn valuation) | Scaled; premium segment |
| Bajaj Chetak / TVS iQube | Legacy OEM EV arms; profitable units | Tens of thousands/month |
What separates Simple Energy from peers is its rare earth-free motor technology, built in-house, and a stated 95% component localisation. These are meaningful technical differentiators for public market investors focused on supply-chain resilience.
What’s Next
The immediate milestone to watch is whether Simple Energy hits 5,000 units per month by October 2026 as its Hosur battery line optimisation kicks in. After that, the 10,000-unit target by January 2027 becomes the gating factor for the FY28 IPO storyline. If the company can demonstrate consistent high-volume production alongside its rising revenue curve, the Rs 3,000 Cr IPO raise moves from aspiration to credible plan. Will India’s electric scooter market have room for a third public company, or will consolidation take over before Simple Energy reaches Dalal Street?
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Frequently Asked Questions
How much did Simple Energy raise and who led the round?
Simple Energy raises Rs 250 Cr (approximately $30 Mn) in a Series B round mixing debt and equity. The equity portion is led by the family office of Dr. Arokiaswamy Velumani, founder of Thyrocare Technologies. Debt of Rs 123 Cr came from HDFC Bank, Capitar Ventures, and other NBFCs. Co-founders Suhas Rajkumar and Ankit Gupta also invested Rs 13.5 Cr each in the equity portion.
What does Simple Energy do and when was it founded?
Simple Energy is a Bengaluru-based electric two-wheeler company founded in 2019 by Suhas Rajkumar and Shreshth Mishra, with Ankit Gupta as co-founder. It makes the Simple One and Simple OneS electric scooters from a 200,000 sq ft factory in Hosur, Tamil Nadu. The company achieved 95% component localisation and produces India’s first heavy rare earth-free electric motors.
When is Simple Energy’s IPO?
Simple Energy is targeting an IPO in the second half of FY28 (October 2027 to March 2028). The company plans to raise approximately Rs 3,000 Cr ($350 Mn) through the public listing, which will fund market expansion, R&D, and a new manufacturing facility. It would follow Ola Electric (August 2024) and Ather Energy (April 2025) as the third pure-play Indian electric two-wheeler company to go public.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. StartupFeed and its authors are not SEBI-registered investment advisors. The analysis above is based on publicly available information and should not be the sole basis for any investment decision. Please consult a SEBI-registered financial advisor before making investment decisions.
