EV startup Simple Energy plans to launch Rs 3,000 crore IPO in FY27

Cleantech startup Simple Energy has revealed its plans to launch an initial public offering (IPO) in Q2–Q3 of FY27, with a target to raise Rs 3,000 crore ($350 million). 

The startup said that the IPO will fuel expansion and enhance its ability to deliver sustainable mobility solutions while aligning with the Indian government's vision of making electric vehicles account for 30% of all new vehicle sales by 2030.

Plans to establish a manufacturing facility

Founded in 2019 by Suhas Rajkumar, the proceeds from the offering will be deployed to establish a larger manufacturing facility to meet pan-India demand.

"As a homegrown cleantech startup, we take pride in being part of this movement, with 95% of our vehicle components manufactured in India, true to the Make-in-India mission," said Suhas Rajkumar, Founder & CEO, Simple Energy.

With the electric two-wheeler market, which is the major driver for sustainable mobility, growing at ~20% year-on-year in FY25, Simple Energy is scaling rapidly to align with this momentum, aiming to cross 1 lakh cumulative scooter sales by FY27, Rajkumar said. 

"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," he added.

Aiming to achieve 1 lakh EV sales

Simple Energy said it is focusing on scale, profitability, and market leadership. With a growing presence in key states such as Karnataka, Maharashtra, Goa, Andhra Pradesh, Telangana, and Kerala, the startup 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. 

Fuelled by nearly 500% YoY revenue growth, it is targeting $96 million (Rs 800 crore) in revenue for FY26 and aims to cross $180 million (Rs 1,500 crore) in cumulative revenue over the next 18 months. Notably, it is on track to grow its market share from 0.3% to 5% by FY27.

Within 2 years of its commercial operations, Simple Energy has achieved a gross margin breakeven and is setting its sights on 15% gross margins over the next year. EBITDA positivity is expected before FY26 ends, with net profitability targeted ahead of the IPO. 

To date, Simple Energy has raised $41 million from a consortium of angel investors and family offices, including Balamurugan Arumugam, Chief Growth Officer at Klarity; the promoter group of Apar Industries; the Haran family office; Dr. A. Velumani's family office; and the Vasavi family office, among others.