INDIA, May 7, 2025 — Simple Energy, one of India’s fastest-growing clean-tech startups, has announced plans to launch its Initial Public Offering (IPO) in the second or third quarter of FY27, aiming to raise ₹3,000 crore (approx. USD 350 million). This strategic milestone will help fuel the company’s next phase of growth, focused on large-scale manufacturing, deeper market penetration, and advancing sustainable mobility solutions across India.
The IPO will enable Simple Energy to scale its operations significantly and establish a new, state-of-the-art manufacturing facility to meet surging nationwide demand. The move aligns with the Government of India’s EV vision, which targets 30% electric vehicle penetration in all new vehicle sales by 2030.
Suhas Rajkumar, Founder & CEO, Simple Energy, commented on the announcement:
“Clean energy is the foundation of India’s sustainable future, and at Simple Energy, we’re committed to making India a global leader in this transformation. With over 95% of our vehicle components made locally, we’re proud contributors to the ‘Make in India’ movement. As electric two-wheeler adoption grows at nearly 20% year-on-year, our vision is to bring sustainable mobility to every corner of the country — not just metros, but also Tier 2 and Tier 3 cities. This IPO is a pivotal step in scaling that vision, enabling us to reach 1 lakh cumulative scooter sales by FY27.”
Path to IPO: Aggressive Expansion and Financial Milestones
In preparation for its IPO, Simple Energy is fast-tracking expansion with a focus on scale, profitability, and national market leadership. Currently active in states like Karnataka, Maharashtra, Goa, Andhra Pradesh, Telangana, and Kerala, the company plans to expand its dealership network from 15 to 250 outlets across 23 more states.
The company is targeting ₹800 crore (~$96 million) in revenue for FY26, backed by an impressive 500% year-on-year growth. Over the next 18 months, Simple Energy aims to exceed ₹1,500 crore (~$180 million) in cumulative revenue, increasing its market share from 0.3% to 5% by FY27.
Having already achieved gross margin breakeven within just two years of commercial operations, the company now aims for 15% gross margins within the next year. EBITDA profitability is expected before the close of FY26, with full net profitability targeted ahead of the IPO.
Pioneering Innovation in EVs
Founded in 2019 by Suhas Rajkumar, Simple Energy has quickly emerged as a technology leader in India’s EV space, credited with developing the country’s longest-range electric two-wheeler. Backed by a strong base of angel investors and family offices, the company has raised $41 million to date from prominent investors including:
- Balamurugan Arumugam (Chief Growth Officer, Klarity)
- Promoters of Apar Industries
- Haran Family Office
- Dr. A Velumani Family Office
- Vasavi Family Office, among others
With a vision to democratize clean mobility, Simple Energy is now firmly positioned to lead India’s electric mobility revolution — not just by building better vehicles, but by reshaping the future of transportation for a cleaner, greener India.
