Bengaluru-based EV maker Simple Energy plans to launch an IPO in Q2–Q3 of FY27, with a target to raise ₹3,000 crore. The company expects to use the proceeds from the IPO to scale its production and establish a larger manufacturing facility to meet pan-India demand.
Founded in 2019, Simple Energy is an EV and clean tech start-up focused on developing and manufacturing sustainable mobility solutions. The brand’s portfolio includes two electric scooters — the Simple One and the Simple OneS.
Suhas Rajkumar, Founder & CEO, Simple Energy, said: “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 start-up, we take pride in being part of this movement, with 95 per cent of our vehicle components manufactured in India, true to the Make-in-India mission.”
“With the electric two-wheeler market growing at 20 per cent year-on-year in FY25, Simple Energy is scaling rapidly to align with this momentum, aiming to cross 1 lakh cumulative scooter sales by FY’27. Our mission goes beyond metros —we’re committed to empowering Tier 2 and Tier 3 cities making electric mobility accessible. Hence, the IPO marks a pivotal chapter in this journey, driving our ambition of a cleaner, greener India,” Rajkumar said.
The company aims to achieve cumulative sales of 1 lakh EVs before its IPO, while expanding its dealership network from 15 to 250 outlets across 23 additional States.
Riding a nearly 500 per cent year-on-year revenue surge, Simple energy is targeting ₹800 crore ($96 million) in revenue for FY26 and aims to cross ₹1,500 crore ($180 million) in cumulative revenue within 18 months, according to a statement from the company. It also plans to expand its market share from 0.3 per cent to 5 per cent by 2027.
Simple Energy is backed by a group of angel investors and family offices, including Balamurugan Arumugam the Apar Industries’ promoters, the Haran family office, Dr A Velumani’s family office, and the Vasavi family office, among others, investing $41 million to date.
(Inputs from BL intern Rohan Das)
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Published on May 7, 2025
