Simple Energy, the Bengaluru-based EV manufacturer, has raised ₹126.7 crore as part of a larger funding round.

According to MCA filings accessed by businessline, the round will see participation from existing investor Arokiaswamy Velumani’s Iheart Properties, which is set to invest approximately ₹18.6 crore. Founders Suhas Rajkumar and Ankit Gupta will also participate in the round, investing ₹13.5 crore each.

The development comes as the company gears up for an IPO in Q2–Q3 FY27, targeting a fundraise of around $350 million, as stated earlier by the company. Simple Energy aims to become EBITDA-positive before the end of FY26 and achieve full net profitability ahead of its listing.

In January 2026, the company rolled out its Gen 2 lineup and reiterated its focus on achieving full net profitability before the IPO. According to market intelligence platform Tracxn, the company posted revenue of ₹44.3 crore in FY25.

The company’s cap table includes the founders, who collectively hold a 35% stake, followed by Iheart Properties with 6.6%, Vasavi Greentech with 5 per cent, and 1Digi Investment Management with 4.4%. The remaining stake is distributed among angel investors and the ESOP pool.

In an earlier interaction with businessline, Suhas Rajkumar said North and Central India, along with the Northeast, are key focus markets for the company. While South India continues to remain a strong EV market, Maharashtra, Gujarat, and Goa are also witnessing healthy demand.

“The company currently manufactures 5,000 units per month. With incremental capex, we can scale this up to 15,000 units per month in phases,” Rajkumar added.

Published on May 15, 2026