Electric vehicle company Simple Energy is planning to launch an IPO of INR 3,000 crore in H2FY26 to scale up its manufacturing and expand its presence in India’s rapidly growing two-wheeler electric market. Founded in 2019 by Suhas Rajkumar, the Bengaluru-based cleantech startup wants to be a major player in the electric mobility space and is aligned with India’s EV target of 30% new vehicle sales by 2030.
“We will raise INR 3,000 crore in our IPO in Q2/Q3 FY27.” The listing will fuel our retail expansion and help establish a new large-scale manufacturing facility,” said Rajkumar.
IPO to Fuel Manufacturing and Retail Growth
Hosur, Tamil Nadu based Simple Energy is currently operating a 3 lakh units per annum facility and plans to more than double it post-IPO. The existing facility is reaching its capacity and hence a new facility is required to support the company’s aggressive production plans.
“Expansion will be the key focus area. We plan to scale from 3 lakh to 6–7 lakh units annually. Whether the new facility will be in Hosur or elsewhere depends on commercial viability,” Rajkumar added in an interaction with PTI.
Simultaneously, the startup plans a sweeping dealership expansion. From 15 stores and service centres currently, the company plans to scale up to 150 stores by end of FY26 and 500 retail touchpoints across 23 states by FY27. This will include deeper penetration into Tier 2 and Tier 3 cities – to democratize access to clean mobility solutions.
Aggressive Revenue, Sales and Profitability Targets
Simple Energy is on a roll. After reporting around INR 40 crore in revenue in FY25, the startup is targeting INR 800 crore in revenue for FY26 and expects to cross INR 1,500 crore in next 18 months. The company is also looking at a big jump in sales – from 4,000 scooters in FY25 to over 55,000 in FY26 and 1 lakh units by FY27.
Already the startup has achieved gross margin breakeven and is looking at 15% gross margins next year. It also expects to turn EBITDA positive by end-FY26 and aims for net profitability ahead of its IPO—a critical benchmark for investor confidence.
Make-in-India and Innovation Led
95% of the vehicle is made in India as per Make in India initiative of Government of India. Simple Energy has also developed the longest electric two wheeler in India.
“Clean energy is the cornerstone of India’s sustainable future. The IPO marks a pivotal chapter in our journey to scale operations, bring EV mobility to every corner of India, and lead the transformation to a greener tomorrow,” said Rajkumar.
Investor Backing and Strategic Vision
To date, Simple Energy has raised USD 41 million (~INR 350 crore) from a consortium of angel investors and family offices, including Balamurugan Arumugam (Chief Growth Officer, Klarity), the Haran family office, Apar Industries’ promoters, Dr. A. Velumani’s family office, and the Vasavi family office. The fresh capital from the IPO is expected to multiply the company’s ability to innovate, expand, and compete at scale in an increasingly crowded market.
Simple Energy currently holds a 0.3% market share in the electric two-wheeler segment and is targeting 5% by FY27, with long-term aspirations of reaching 10–15% as the sector matures.
Outlook: Charging Ahead
With the Indian electric two-wheeler market growing at an estimated 20% year-on-year and a supportive regulatory environment, Simple Energy’s upcoming IPO is well-timed. If executed successfully, the INR 3,000 crore offering could position the company among India’s top EV players—making it not only a clean mobility pioneer but also a formidable market contender in the years ahead.
Recently, Ather Energy IPO listed on 6 May 2025 on stock exchanges. It was the second biggest IPO (~INR 2,980.76 crore) in EV landscapce after Ola Electric Mobility IPO (~INR 6,145.56 crore). As the EV revolution accelerates, we can see more IPOs from EV segments. Now all eyes on Simple Energy’s next moves—on the factory floor, in the showroom, and soon, on the stock exchange.
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