Simple Energy raises $10M in bridge round to expand offline presence
In May, the EV-maker had told YourStory that it plans to open 150 stores and 200 service centres by the end of 2025. It currently has around 53 stores.
Electric vehicle maker Simple Energy on Thursday raised $10 million in a bridge round led by existing investor Dr Arokiaswamy Velumani, Founder of Thyrocare’s Family Office.
The round also saw participation from other existing investors such as Balamurugan Arumugam and the Haran family office.
According to the company, it is looking to utilise 80% of the newly-raised funds to aid its network expansion across the country and for marketing initiatives.
In an interview with YourStory earlier this year, the company said that it was looking to open 150 stores and 200 service centres by the end of 2025. It currently has around 53 stores.
“Nearly 80% of the capital will be directed towards expanding our retail presence and building a robust dealer and service network. The rest of the funds will be employed towards R&D. With this influx, we are confident in scaling into both established and emerging markets–delivering India’s longest-range electric two-wheelers that meet the needs of Indian riders,” said Suhas Rajkumar, CEO and Founder at Simple Energy.
The company last raised $20 million back in June 2024 in a Series A round, which saw participation from family offices such as the Haran family office, Dr A Velumani’s family office, the Vasavi family office, the Desai Family office, and the promoter group of Apar Industries.
According to Vahan registry, the company’s sales year-to-date has already surpassed its total sales in 2024. The EV-maker has sold a total of 3420 units this year compared to 1420 last year.
Simple Energy is also planning a $350 million IPO in FY27, before which the company targets to become EBITDA profitable, YourStory had reported in May.
Edited by Megha Reddy