Indian electric scooter startup Simple Energy raises $25 million
The Bengaluru-based company had previously secured USD 20 million in a Series A funding round in July 2024, more than USD 20 million in a bridge round in February 2023, and USD 21 million in a pre-Series A funding round in November 2021.
Indian electric scooter marker Simple Energy has raised INR 2.5 billion (approximately USD 25 million) in a funding round comprising a mix of debt and equity. The round was led by the family office of Arokiaswamy Velumani, founder of Thyrocare Technologies, while Simple Energy’s founders also participated. Debt financing came from HDFC Bank, Capitar Ventures, and other NBFCs.
The Bengaluru-based startup had previously secured USD 20 million in a Series A funding round in July 2024, more than USD 20 million in a bridge round in February 2023, and USD 21 million in a pre-Series A funding round led by investors Manish Bharti and Raghunath Subram in November 2021, according to a report by Entrackr.
The proceeds will be used to scale production capacity, expand the distribution network, and support product development, the company said.
“We are looking to scale our operations significantly. Around 70 per cent of the funds will be deployed towards working capital and production ramp-up, while the remaining 30 per cent will go towards marketing, sales and related activities,” Suhas Rajkumar, Founder and CEO, Simple Energy, told businessline.
