IPO-bound electric two-wheeler maker Simple Energy on Thursday said it has raised $10-million in an all-equity funding round for pan-India network expansion and reasearch and development (R&D) activities.

The latest funding round was led by existing investor Arokiaswamy Velumani, Founder of Thyrocare’s Family Office, in participation with fellow existing investors — Balamurugan Arumugam and the Haran family office, Simple Energy said. The Bengaluru-headquartered automotive firm has so far raised $51 million from marquee investors.

The company has already announced its plans to go public, as it is looking to raise USD 350-million through an IPO next fiscal, to fuel manufacturing expansion and other growth initiatives. ”This (fresh) investment will bolster our next phase of growth. It will

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