Simple Energy raises ₹17.5bn Series C to expand scooter production
The all-equity financing supports a new factory, distribution and service expansion, with a target of about 25,000 scooters of monthly capacity.
Simple Energy raised ₹17.5 billion in Series C equity financing. Dr Arokiaswamy Velumani's family office led the round, with Suhas Rajkumar, Ankit Gupta, Amit Mishra and the Haran family office among the recorded participants.
The company plans to build a new manufacturing facility and increase monthly scooter capacity from 10,000 to about 25,000 over the following year. Proceeds also support distribution and service networks, hiring, research and development, marketing and supply-chain operations.
The expansion builds on commercial sales of scooters including Simple One. Simple Energy reports more than 80 outlets across over 60 cities; its production-capacity target is distinct from actual vehicle sales.
Use of funds
Set up a new manufacturing facility
Increase production capacity
Expand distribution and service networks
Hire talent
Fund research and development for the next product cycle
Marketing and supply chain operations