Electric vehicle startup Simple Energy has raised ₹250 crore in a fresh Series B funding round, marking a major step in its growth journey. The Bengaluru-based company plans to use the new capital to expand production, strengthen its retail network, and prepare for its much-anticipated IPO in the coming years.
The funding round includes ₹123 crore in debt financing from HDFC Bank, Capitar Ventures, and other financial institutions. The equity portion was led by the family office of Thyrocare founder Arokiaswamy Velumani, along with participation from the company’s founders.
With India’s EV market growing rapidly, Simple Energy is looking to position itself as a stronger competitor in the electric two-wheeler segment.
New Gen 2 Scooters Drive Product Expansion
Alongside the funding announcement, Simple Energy has introduced its new Gen 2 scooter portfolio. The lineup includes the flagship Simple Ultra, which offers a claimed range of 400 km on a single charge, making it one of the longest-range electric scooters in the country.
The company has also launched updated versions of the Simple One Gen 2 and the more affordable Simple OneS Gen 2. These scooters come with improved performance, larger storage capacity, and advanced features designed for daily riders.
A standout feature across the Gen 2 range is the lifetime warranty on the battery and motor, which aims to increase consumer confidence in EV ownership.
Focus on Technology and Local Manufacturing
Simple Energy is also investing heavily in technology and localisation. The company recently announced that it has developed India’s first commercially manufactured heavy rare-earth-free EV motor, reducing dependence on imported materials.
It has also built its own Battery Management System (BMS) to improve battery efficiency, safety, and charging performance. In addition, the startup has partnered with US-based C4V to support local lithium-ion cell manufacturing in India.
Bigger Manufacturing and Retail Network Ahead
The fresh funding will help Simple Energy increase its production capacity from around 3,000 units per month to 10,000 units per month by early 2027. The company also plans to expand its retail footprint significantly, targeting more stores and service centres across India.
Simple Energy recently achieved its highest-ever monthly sales, selling 1,744 scooters in March 2026. The strong sales performance reflects growing demand for electric mobility solutions in the country.
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As it moves closer to its planned ₹3,000 crore IPO, Simple Energy is betting on innovation, manufacturing expansion, and a wider product portfolio to drive its next phase of growth in India’s competitive EV market.