Targeted to achieve EBITDA profitability by the end of FY26 and is targeting net profitability well ahead of its planned IPO
INDIA, May 7, 2025: Simple Energy, one of India’s fastest-growing clean-tech startup, plans to launch an Initial Public Offering (IPO) in Q2–Q3 of FY27, with a target to raise ₹3,000 crore (USD 350 million).
The IPO marks a significant strategic milestone as the company accelerates its journey toward market leadership, product innovation, and profitability. The IPO will fuel Simple Energy’s expansion and enhance its ability to deliver sustainable mobility solutions while aligning with the Government of India’s vision of making electric vehicles account for 30% of all new vehicle sales by 2030. The proceeds from the offering will be deployed to establish a larger manufacturing facility to meet pan-India demand.
CEO Statement
Speaking on the IPO announcement, 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 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.
With the electric two-wheeler market, which is the major driver for sustainable mobility, growing at ~20% year-on-year in FY’25, 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.”
Road ahead of IPO:
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Simple Energy is fast-tracking its growth journey ahead of its planned IPO in Q2–Q3 FY27, with a strong focus on scale, profitability, and market leadership. With a growing presence in key states such as Karnataka, Maharashtra, Goa, Andhra Pradesh, Telangana, and Kerala, Simple Energy 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, Simple Energy is targeting $96 million (₹800 crore) in revenue for FY26 and aims to cross $180 million (₹1,500 crore) in cumulative revenue over the next 18 months. With its integrated approach to product, scale, and profitability, the company is on course to grow its market share from 0.3% to 5% by FY’27, firmly establishing itself as a frontrunner in India’s EV revolution.
Within 2 years of its commercial operations, Simple Energy has already 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.
Founded in 2019 by Suhas Rajkumar, Simple Energy has established itself as an industry innovator by developing India’s longest-range electric two-wheeler. The company is backed by a strong group of angel investors and family offices, including Balamurugan Arumugam (Chief Growth Officer, Klarity), 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.
