changeadminBengaluru-based EV startup Simple Energy has raised US$10 million in an all-equity bridge funding round. The round was led by existing investor Dr Arokiaswamy Velumani, along with Balamurugan Arumugam and the Shekha Haran family office.
Founded in 2019 by Suhas Rajkumar and Shreshth Mishra, Simple Energy is an electric scooter manufacturer with its facility located in Hosur, Tamil Nadu.
Simple Energy’s product range includes ‘Simple One’ and ‘Simple OneS’, which were launched earlier this year. The Simple One has a 248 km range, and the newly launched Simple OneS comes with a 181 km range, featuring an 8.5 km PMSM motor.
Having started its retail operations in September 2023, the company has a retail presence in Karnataka, Tamil Nadu, Kerala, Andhra Pradesh, Maharashtra, Goa, and Telangana.
In June 2024, the Bengaluru-based company raised $20 million in its Series A funding round from family offices, including the Haran family office, Dr A. Velumani’s (founder of Thyrocare’s) family office, Vasavi family office, and the Desai Family office.
In September 2025, the company announced that it had developed an in-house motor free of heavy rare-earth elements. The development and manufacturing are through its in-house engineering team. Amidst the uncertainties caused by supply chain disruptions following China’s export curbs on rare-earth metals, leading players in the automotive industry are scrambling for alternative technologies. For years, EV companies have relied on rare earth elements for making motors due to their high torque density and compact size.
The company aims to become the third pure-play EV company to go public, after Ola and Ather Energy, as it plans to launch an IPO in 2027. Through this IPO, it aims to raise Rs. 3,000 crore ($350 million), to be used for increasing manufacturing capacity, retail expansion, research and development, and marketing.
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