Simple Energy raises $180 million in largest funding round, eyes top-five EV two-wheeler spot
Bengaluru-based electric two-wheeler maker Simple Energy has raised Rs 1,750 crore ($180 million) in its largest funding round till date. It plans to use the capital to increase production capacity and expand its retail footprint across India, targeting a spot among the top five electric two-wheeler makers.
The all-equity round was led by founder of diagnostics company Thyrocare Technologies- Dr Arokiaswamy Velumani’s family office, with participation from founder and CEO Suhas Rajkumar, cofounder and CFO Ankit Gupta, Bengaluru-based HNI Amit Mishra and the Haran Family Office.
The company had raised Rs 250 crore in June to scale manufacturing and expand its retail network. The latest round is significantly larger as Simple looks to build a new manufacturing facility and increase monthly capacity more than twofold.
“This fundraise gives us the room to scale aggressively. We are looking at taking our capacity from 10,000 scooters a month today to around 25,000 a month in the next one year, while expanding our retail network across the country. We believe we can put ourselves firmly in the top five electric two-wheeler players in India,” Rajkumar, cofounder and CEO, told ET on Wednesday.
He added that Simple Energy has been able to cater to only about 50% of the demand for its scooters, with demand currently three to four times higher following the launch of its family scooter, the Simple Wave.
The all-equity round was led by founder of diagnostics company Thyrocare Technologies- Dr Arokiaswamy Velumani’s family office, with participation from founder and CEO Suhas Rajkumar, cofounder and CFO Ankit Gupta, Bengaluru-based HNI Amit Mishra and the Haran Family Office.
The company had raised Rs 250 crore in June to scale manufacturing and expand its retail network. The latest round is significantly larger as Simple looks to build a new manufacturing facility and increase monthly capacity more than twofold.
“This fundraise gives us the room to scale aggressively. We are looking at taking our capacity from 10,000 scooters a month today to around 25,000 a month in the next one year, while expanding our retail network across the country. We believe we can put ourselves firmly in the top five electric two-wheeler players in India,” Rajkumar, cofounder and CEO, told ET on Wednesday.
He added that Simple Energy has been able to cater to only about 50% of the demand for its scooters, with demand currently three to four times higher following the launch of its family scooter, the Simple Wave.
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