Simple Energy Eyes INR 3,000 Cr IPO by FY27 to Accelerate EV Expansion The proceeds will be used to set up a large-scale manufacturing facility to cater to pan-India demand, further aligning with the Government of India's vision of EVs constituting 30% of new vehicle sales by 2030.
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Bengaluru-based clean-tech startup Simple Energy is gearing up for its Initial Public Offering (IPO) in Q2–Q3 of FY27, aiming to raise INR 3,000 crore (USD 350 million).
"The IPO marks a significant strategic milestone as the company accelerates its journey toward market leadership, product innovation, and profitability," the company said.
The proceeds will be used to set up a large-scale manufacturing facility to cater to pan-India demand, further aligning with the Government of India's vision of EVs constituting 30% of new vehicle sales by 2030.
Founder and CEO Suhas Rajkumar stated, "Clean energy is the cornerstone of India's sustainable future, and at Simple Energy, we are driven by a vision of India leading that transformation. As a homegrown clean-tech startup, we take pride in being part of this movement, with 95% of our vehicle components manufactured in India, true to the Make-in-India mission."
With a rapidly growing electric two-wheeler market projected to grow at ~20% YoY in FY25, Simple Energy aims to cross 1 lakh cumulative scooter sales by FY27. The company is also expanding beyond metros, focusing on Tier II and Tier III cities, and plans to increase its dealership footprint from 15 to 250 outlets across 23 states.
The company reported a 500% year-on-year revenue growth and has set ambitious targets—INR 800 crore in revenue for FY26 and INR 1,500 crore in cumulative revenue over the next 18 months. It expects to achieve EBITDA positivity before FY26 ends and targets 15% gross margins over the next year.
Founded in 2019, Simple Energy has already broken even on gross margins and developed India's longest-range electric two-wheeler. The company is backed by investors including the Apar Industries' promoters, the Haran and Vasavi family offices, and others who have invested USD 41 million to date.
The IPO is set to propel the company further as it strengthens its position in India's accelerating EV revolution.
