Simple Energy raises $10 million; targets $350 million IPO in FY27
Simple Energy, the Bengaluru-based electric scooter maker, just raised $10 million in fresh funding led by Thyrocare's Arokiaswamy Velumani, with support from other backers.
This takes their total funding since 2019 to $51 million.
Where's the money going?
About 80% of this new cash will help Simple Energy grow its retail network and service centers, while the rest is set aside for R&D and working capital.
They're also hoping to bring in another $30-40 million from global investors by year-end.
Big goals ahead
Simple Energy is planning a massive $350 million IPO in FY27 to fund more manufacturing and a second facility.
The company wants to boost revenue by 1,000% in FY26 and break into the top six or seven electric vehicle makers within six months.
Scaling up production
Right now, Simple Energy can make 5,000 scooters at its Hosur plant—but battery supply only covers about half of what they need.
Their goal is to achieve 1,000% year-on-year growth in revenue and vehicle sales in FY26 and expand from about 80 stores today to 150 stores and 200 service centers by March 2026.