Simple Energy Raises $26.3 Million, Plans FY28 IPO

The funding round was led by the family office of Arokiaswamy Velumani, the founder of Thyrocare Technologies. The founders of Simple Energy also participated in the investment.

Out of the total amount raised, Rs 123 crore came through debt financing from HDFC Bank, Capitar Ventures, and other non-banking financial companies (NBFCs).

“We want to scale manufacturing from 3,000 scooters a month to 10,000 by January and 15,000 by March next year,” Suhas Rajkumar, founder of Simple Energy, told ET. “A large part of the working capital is going towards scaling production capacity, expanding our distribution network and product development.”

“We strongly intend to go public soon. By the end of this year, we should be able to provide more clarity on the filing timelines and issue size,” he said.

Most of the newly raised funds will be used to increase production capacity and expand manufacturing operations. The remaining money will support sales, marketing, and research and development (R&D) to improve future products and provide a better customer experience.

Simple Energy was founded in 2019 by Suhas Rajkumar and Shreshth Mishra. The company designs and manufactures high-performance electric scooters. Its flagship scooter can travel up to 248 km on a single charge, reach a top speed of 105 km/h, and offers a large storage compartment.

The company plans to launch an Initial Public Offering (IPO) in the second half of FY28 and aims to raise around Rs 3,000 crore (about $350 million). The funds will be used to expand its presence in the market, invest in R&D, and build a new manufacturing facility.

Simple Energy also plans to increase its production capacity from 3,000 scooters per month to 10,000 by January and 15,000 by March next year. The company currently sells around 2,000 scooters each month and intends to expand its retail network from about 80 stores to 200–250 outlets by next March.

The company expects its operating revenue to reach around Rs 150–160 crore in FY26, compared to about Rs 40 crore in FY25, representing nearly four times growth. Currently, most of its sales come from southern India.

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