IPO-bound Simple Energy, the Bengaluru-based electric two-wheeler startup, has secured a fresh $10 million all-equity bridge round led by Thyrocare’s A. Velumani, with continued backing from existing investors such as Balamurugan Arumugam and the Haran family office. With this funding, Simple Energy’s total raise stands at approximately $61–$75 million, setting the stage for a pan-India network expansion, substantial growth in retail presence, and further investment in R&D.
Funding and IPO Timeline: Quick Recap
Simple Energy’s investor journey features several major infusions:
- Seed/Angel rounds in 2020–2021 with early support from prominent Indian angels and family offices.
- $21 million venture round in August 2021 for scaling up production.
- $20 million convertible note (Feb 2023) and $20 million Series A (July 2024) largely to fuel new product launches and build a dealership footprint.
- The latest $10 million bridge round comes ahead of an ambitious $350 million IPO planned for next fiscal. Proceeds are earmarked for manufacturing capacity (currently 150,000 vehicles annually at Hosur, Tamil Nadu), R&D into technologies like rare earth-free motors, and opening 150+ stores and 200 service centers across India in 2025.
Core Innovations and Market Impact
The company recently became India’s first OEM to commercially produce heavy rare-earth-free motors—a major milestone as the industry looks to reduce dependence on China for critical e-mobility components. Its product lineup includes the Simple One and Simple Dot One, with a certified range of 212 km and 151 km respectively, allowing Simple Energy to target both premium and value EV segments. Nearly 80% of the latest capital raise is aimed at retail rollouts; the rest is for technology, with a strong vision for making EVs more accessible to everyday Indian riders.
Competitors: Ola Electric & Ather Energy—Latest Developments
Ola Electric
The largest homegrown rival, Ola Electric, continues to dominate the EV two-wheeler landscape but reported a sharp drop in operational revenues for FY25—just ₹3 crore compared to ₹74.4 crore last fiscal, despite strong vehicle delivery momentum. Consolidated net losses widened to ₹40 crore, largely owing to high investment in gigafactories and tech. As per recent updates, Ola plans to diversify into mass-market e-scooters while prepping for an IPO and aggressively scaling its B2B charging and battery swapping network.
Read this: No Need for China as Ola Electric Develops Fully Made-in-India Ecosystem for EVs, Says Bhavish Aggarwal
Ather Energy
Backed by Hero MotoCorp and NIIF, Ather closed a $128 million Series E round in May 2025. The funds will drive expansion of R&D labs, new product launches, and their retail network—currently 150 experience centers. Ather sold 43,000 units in Q1 FY26 and projects a sharp uptick post recent government policy shifts on FAME-II and GST subsidies. Ather targets ₹800 crore revenue by FY26 and is rolling out new, budget-friendly SKUs with up to 150km certified range.
Sector Perspective
With heavy hitters like Ola and Ather continuing to raise capital and scale physical and tech infrastructure, Simple Energy’s rare earth-free motors, deep domestic supply chain, and broad retail ambition offer a differentiated path in the Indian EV race. The company’s IPO, slated for FY26, is one to watch as India’s EV sector accelerates towards mainstream adoption and global recognition.
