-based EV manufacturer Simple Energy has raised ₹250 crore in a mix of debt and equity, closing its Series B funding round. The round saw participation from Dr Arokiaswamy Velumani, along with Simple Energy founder and CEO Suhas Rajkumar and co-founder and CFO Ankit Gupta.
The debt component of ₹123 crore was backed by HDFC Bank, Capitar Ventures and other NBFCs, the company said. The latest fundraise marks the closure of the Series B round, which businessline earlier reported that the company had secured ₹126.7 crore from its founders and existing investors as part of the same funding exercise.
The fresh capital will primarily be used to scale up production and expand manufacturing capacity. The remaining funds will be deployed towards sales, marketing and research and development to strengthen the company’s product roadmap and customer experience.
“We are looking to scale our operations significantly. Around 70 per cent of the funds will be deployed towards working capital and production ramp-up, while the remaining 30 per cent will go towards marketing, sales and related activities,” Suhas Rajkumar, Founder and CEO, Simple Energy told .
Simple Energy is targeting monthly sales of around 10,000 scooters by March 2027, up from current volumes. The company expects manufacturing capacity utilisation to increase to 75-80 per cent by the end of the next financial year, compared with about 35 per cent currently.
On the manufacturing front, the company currently has a production capacity of 3,000 units per month. It has invested further in its battery assembly line over the past few months, with the benefits of the ramp-up expected to become visible from August 2026.
The company is also accelerating its retail expansion. It plans to increase its network to around 150 stores and 200 service centres this year, up from about 80 stores currently.
Simple Energy reported revenue of ₹170 crore in FY26, nearly four times higher than approximately ₹44 crore in FY25.
According to market intelligence platform Tracxn, the founders collectively hold a 35 per cent stake in the company, followed by Iheart Properties (6.6 per cent), Vasavi Greentech (5 per cent) and 1Digi Investment Management (4.4 per cent). The remaining stake is held by angel investors and the ESOP pool.