Bengaluru-based electric vehicle manufacturer Simple Energy has secured ₹126.7 crore as part of a larger funding round, according to filings from the Ministry of Corporate Affairs accessed by Businessline. Existing investor Arokiaswamy Velumani’s Iheart Properties is set to contribute approximately ₹18.6 crore, while founders Suhas Rajkumar and Ankit Gupta will each invest ₹13.5 crore.
This funding development occurs as Simple Energy prepares for an initial public offering (IPO) slated for the second or third quarter of fiscal year 2027, with the company aiming to raise around $350 million. The firm has expressed aspirations to achieve EBITDA positivity by the close of fiscal year 2026, targeting full net profitability prior to its IPO.
The company launched its Gen 2 vehicle lineup in January 2026 and has reiterated its goal of reaching comprehensive profitability ahead of the public listing. Market intelligence platform Tracxn reports Simple Energy generated revenues of ₹44.3 crore in fiscal year 2025.
In terms of equity distribution, the founders collectively hold a 35% stake, while Iheart Properties owns 6.6%. Additional stakes include Vasavi Greentech at 5% and 1Digi Investment Management at 4.4%, with the remainder owned by angel investors and the employee stock ownership plan (ESOP) pool.
Suhas Rajkumar previously indicated to Businessline that the company is focusing on key markets, particularly in North and Central India as well as the Northeast. While South India remains a robust electric vehicle market, states such as Maharashtra, Gujarat, and Goa have also shown significant demand.
Currently, Simple Energy has the capacity to manufacture 5,000 units per month; however, Rajkumar noted that with additional capital expenditures, the company could scale production to 15,000 units per month in phases.
Published on May 15, 2026.
