Despite high-profile IPOs from start-ups like Ola Electric and Ather Energy, legacy two-wheeler manufacturers continue to dominate the Indian EV market
Following Ather’s ₹2,981 crore listing last week, several two-wheeler EV companies are gearing up to tap the public markets over the next 2–3 years.
Companies such as Ultraviolette, Ampere, Oben Electric, and Simple Energy are initiating plans to raise capital through IPOs to fund expansion and strengthen their manufacturing and R&D capabilities.
TVS-backed Ultraviolette plans to raise $400–500 million through a public listing by FY27. The company is focused on achieving key milestones before going public, including launching four to five product segments, expanding into multiple international markets, and scaling up its domestic presence.
Simple Energy, a Bengaluru-based EV manufacturer, is targeting an IPO in Q2–Q3 of FY27, aiming to raise ₹3,000 crore. The company intends to use the proceeds to ramp up production capacity and establish a larger manufacturing facility to meet pan-India demand.
Ampere, the EV arm of Greaves Electric Mobility, has filed a its draft red herring prospectus (DRHP) in December 2024 to raise ₹1,000 crore via IPO. The company plans to use the funds to invest in product and technology development, in-house battery assembly, and enhancement of its Bengaluru tech centre. It also aims to scale operations at its subsidiaries, Bestway Agencies and MLR Auto.
Oben Electric, founded in 2020 which operates in the premium 125cc and 150cc commuter segments, plans to go public in 2028. The company has already raised ₹50 crore in funding earlier this year and is eyeing a second pre-IPO round in the coming months. With a current annual manufacturing capacity of one lakh units, Oben aims to scale this by 200 per cent over the next two years.
Despite high-profile IPOs from start-ups like Ola Electric and Ather Energy, legacy two-wheeler manufacturers continue to dominate the Indian EV market. In March 2025, Bajaj Auto emerged as the top EV seller with 34,863 units sold while TVS Motor Company took the lead in April, selling 19,736 units, according to data on the Vahan Portal.
Published on May 12, 2025
