Simple Energy, an EV maker based in India, has raised US$10 million in a bridge round led by existing investor Dr. Arokiaswamy Velumani of Thyrocare’s family office.

Other participants in the round include Balamurugan Arumugam and the Haran family office.

Simple Energy will use nearly 80% of the funds to expand its retail network and for marketing, with the rest allocated to research and development.

Its last funding round was a US$20 million series A in June 2024.

The company currently operates around 53 stores and previously said it plans to open 150 stores and 200 service centres by the end of 2025.

According to India’s Vahan registry, Simple Energy has sold 3,420 units year-to-date in 2025, up from 1,420 units in 2024.

The company is also planning a US$350 million IPO in FY27 and aims to be EBITDA profitable before the IPO.

🔗 Source: YourStory