EV Startup Simple Energy Raises $10 Mn Bridge Round to Accelerate Retail Expansion Across India
Bengaluru-based electric two-wheeler startup Simple Energy has raised $10 million (approximately INR 88 crore) in a bridge funding round from its existing investors. The funding round was led by the family office of Thyrocare founder Dr. Arokiaswamy Velumani, with participation from Balamurugan Arumugam and the Haran Family Office.
This fresh round of capital comes nearly a year after Simple Energy secured $20 million in its Series A funding in July 2024, signaling continued investor confidence in the company’s mission to build high-performance and affordable electric vehicles for the Indian market.
Scaling Retail Footprint with Fresh Capital
Suhas Rajkumar, cofounder and CEO of Simple Energy, revealed that the newly raised funds will primarily be used to expand the company’s retail presence. The EV brand is looking to open more stores in both existing and new markets, aiming to strengthen its pan-India reach.
Simple Energy currently operates through 53 dealer-operated stores across key states including Karnataka, Tamil Nadu, Andhra Pradesh, Telangana, Kerala, Maharashtra, Rajasthan, Delhi, and Uttar Pradesh. With the Indian EV market rapidly evolving, the company is strategically positioning itself to tap into the growing demand for sustainable mobility.
“Our goal is to make premium electric mobility accessible to more people. This funding will help us increase our footprint and better serve customers in both metro and non-metro regions,” said Rajkumar.
A Growing Portfolio of EV Offerings
Founded in 2019 by Suhas Rajkumar, and later joined by cofounders Shreshth Mishra and Ankit Gupta, Simple Energy has carved a niche in India’s competitive electric two-wheeler market. The startup’s current product lineup includes the Simple One and the Simple OneS — electric scooters designed to offer long range, high performance, and sleek design, all at a competitive price point.
The Simple One boasts a claimed range of over 212 km on a single charge, positioning it among the top-performing electric scooters in the country. With rising fuel prices and increased environmental awareness, demand for reliable and affordable EVs continues to grow — and Simple Energy is riding that wave with innovation and agility.
Riding the EV Wave in India
India’s electric two-wheeler market is projected to grow at a CAGR of over 44% through 2030, driven by government incentives, improved charging infrastructure, and consumer demand for clean mobility. Startups like Simple Energy are playing a critical role in accelerating this transition by building homegrown EV technology and creating accessible ownership experiences.
With this bridge funding round, Simple Energy is not only fueling its next phase of retail growth but also reinforcing its long-term commitment to India’s EV ecosystem.
Keywords: Simple Energy funding, EV startup India, electric scooter Simple One, Simple OneS specs, Suhas Rajkumar EV, Dr Velumani investment, electric two-wheeler market, bridge funding, Simple Energy expansion, EV retail stores India, electric vehicle startup Bengaluru
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