Simple Energy, an electric vehicle maker, has closed its Series B funding round, raising ₹250 crore ($26.3 million) through a mix of debt and equity, the company announced today. The round was led by the family office of Dr. Arokiaswamy Velumani and included participation from the startup’s founder and CEO Suhas Rajkumar and cofounder and CFO Ankit Gupta. The funds will be used primarily to scale manufacturing capacity and expand production.
The funding round included ₹123 crore in debt from HDFC Bank, Capitar Ventures, and other non-banking financial companies (NBFCs). Simple Energy currently produces 3,000 units monthly but aims to increase sales to 10,000 scooters per month by March 2027. Rajkumar said the company’s revenues rose fourfold from ₹40 crore in FY25 to ₹170 crore in FY26, reflecting strong market demand. The startup plans to invest in sales, marketing, and research and development to enhance its product roadmap and customer experience.
This funding round marks a significant step for Simple Energy as it transitions into a full-stack electric vehicle original equipment manufacturer (OEM). The company is expanding its presence into new cities such as Ranchi, Bhubaneswar, and Cuttack. With a growing market for electric scooters in India, Simple Energy’s move to scale production and broaden its geographic reach positions it alongside other emerging EV players aiming to capture increasing consumer interest in sustainable mobility solutions.
Simple Energy currently sells around 1,500 units per month through more than 71 outlets. The company’s target to reach 10,000 monthly scooter sales by March 2027 will be supported by this ₹250 crore funding round, which combines equity and debt financing to fuel its growth and prepare for potential public market entry.