Simple Energy is reportedly planning to raise Rs. 127 crore ahead of its IPO push as the electric vehicle startup focuses on scaling manufacturing, expanding market presence, and strengthening operations. India’s electric mobility market continues to experience rapid expansion. The company is competing with major EV brands such as Ather Energy and Ola Electric in India’s fast-growing electric scooter market.
Bengaluru-based EV startup Simple Energy is planning to raise around Rs. 127 crore in a new funding round. According to reports, existing investor and Thyrocare founder Arokiaswamy Velumani will lead the round. The company will reportedly issue over 2 lakh shares at Rs. 6,000 each. Founders Suhas Rajkumar and Ankit Gupta are also expected to invest in the round.
Simple Energy is likely to use the fresh funds to grow its business, improve operations, and open more stores across India. The company is also preparing for a possible IPO in the next few years.
Earlier, founder Suhas Rajkumar had said the startup wants to raise nearly Rs. 3,000 crore through a public listing by FY27. The company plans to expand its research work and increase its offline store network.
Founded in 2019, Simple Energy makes electric scooters like the Simple One, Simple OneS, and Simple Ultra. The startup currently operates in states like Karnataka, Tamil Nadu, Telangana, Andhra Pradesh, Maharashtra, Delhi, and Uttar Pradesh.
Simple Energy also reported strong growth in FY25. Its operating revenue rose to Rs. 40.7 crore from Rs. 6.6 crore in FY24. However, the company’s losses also increased amid higher spending on expansion and business growth.
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Electric passenger vehicle sales rose 82% year-on-year in FY26 to 196,754 units. It is driven by wider model availability and increased participation by automakers. The EV sector recorded sales of 108,336 units in FY25 and 90,998 units in FY24. This indicates an acceleration in growth compared with the 19% rise seen last year.
Analysts said demand has been supported by improvements in driving range and product quality, alongside rising comfort among buyers, particularly for second-car usage. Fleet demand also contributed to year-end volumes. Rising model availability and improved range push EV passenger vehicle sales sharply higher, though charging infrastructure remains a challenge.