India’s electric vehicle (EV) revolution is shifting gears, and at the forefront is Simple Energy—a homegrown startup with bold ambitions. The company has announced plans to raise $355 million (₹3,000 crore) through an initial public offering (IPO) by FY27, marking a pivotal moment for the Indian EV ecosystem.
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Simple Energy’s IPO Plans: Powering Expansion
Founded in 2019, Simple Energy has quickly become a key player in the electric two-wheeler segment. The funds from the IPO will be used to build a large-scale manufacturing facility, expand its dealer network, and invest in research and development. The company aims to increase its outlets from 15 to 250 across 23 states, targeting cumulative sales of 100,000 electric scooters before the IPO.
Growth Trajectory and Market Impact
Simple Energy has posted nearly 500% year-over-year revenue growth and is targeting ₹800 crore ($96 million) in revenue for FY26. The company expects to be EBITDA profitable by the end of FY26 and net profitable before the IPO, a rare feat among global EV startups. Backed by investors like Apar Industries Family Office and Velumani Family Office, Simple Energy has raised $41 million to date.
Driving India’s EV Vision
Simple Energy’s strategy aligns with the Indian government’s goal of making EVs 30% of new vehicle sales by 2030. The company is committed to “Make in India,” with 95% of its vehicle components produced domestically. Its focus on expanding into Tier 2 and Tier 3 cities aims to make electric mobility accessible beyond urban centers.
Key Milestones and Targets
| Metric | FY25 (Actual) | FY26 (Target) | FY27 (Target) |
|---|---|---|---|
| Revenue | ₹40 crore | ₹800 crore | — |
| Cumulative EV Sales | 4,000 units | 55,000 units | 100,000 units |
| Dealer Outlets | 15 | 150 | 250 |
| Market Share | 0.3% | 2% | 5% |
| Manufacturing Capacity | 3 lakh units | 6 lakh units | — |
Conclusion
Simple Energy’s $355 million IPO plan is more than a financial milestone—it’s a statement of intent for India’s electric mobility future. With rapid growth, a focus on profitability, and a commitment to local manufacturing, Simple Energy is poised to lead the next wave of EV adoption across the country. As the company gears up for its public debut, all eyes are on how it will shape the future of sustainable transportation in India.
