Adding to the list of electric two-wheeler manufacturers planning to go public, Bengaluru-based Simple Energy is targeting an initial public offering (IPO) by the second half of financial year 2028 (FY28), Founder and Chief Executive Officer (CEO) Suhas Rajkumar told Business Standard.
This comes after the successful IPOs by Ola Electric Mobility in August 2024 and Ather Energy in April 2025. Greaves Electric Mobility has also received Securities and Exchange Board of India’s (Sebi’s) nod for an IPO.
The company has also set a revenue target of over ₹3,000 crore by FY30.
“We are looking at the second half of FY28. Our plans got a bit delayed because of the current market conditions. We believe that in a year’s time, the entire supply chain will be intact,” Rajkumar said.
On Sunday, the company announced it had secured ₹250 crore in a Series B funding round, which involved a mix of debt and equity. The round was led by the family office of Arokiaswamy Velumani, along with Rajkumar, and Cofounder and Chief Financial Officer (CFO) Ankit Gupta. The debt partners include HDFC Bank and Capitar Ventures, with other non-banking financial companies (NBFCs) bringing in ₹123 crore.
The majority of the proceeds will be deployed to scale up production, including manufacturing and capacity expansion, while the remaining funds will be used across sales, marketing, and research and development (R&D) to strengthen the product roadmap and customer experience.
“The funding reflects strong investor confidence in Simple Energy. This will help us scale production, strengthen our Made-in-India manufacturing stack, and expand access to our long-range, performance-led scooters nationwide,” said Rajkumar.
The electric two-wheeler maker is seeing “clear market demand”, with revenues rising fourfold from ₹40 crore in April 2025 to ₹170 crore in April 2026, he said. “The funding amounts will be mainly directed towards capacity expansion, targeting monthly sales of 10,000 scooters by March 2027, alongside continued investments in R&D and marketing. This milestone marks Simple Energy’s transition from a homegrown startup to a full-stack EV OEM, reinforcing brand trust and readiness for a long-term path to public markets,” the top executive said.
On the manufacturing front, Simple Energy currently operates at a capacity of 3,000 units per month. For the last few months, the company has invested further in its battery line, with the ramp-up expected to reflect from August 2026. To support its next phase of growth, Simple Energy is planning to strengthen its teams and expand the workforce across key functions, including sales, production, and marketing.
“There are challenges of input costs going up and shortages of raw materials and manpower due to the West Asia crisis, but I think we are well placed to get over these challenges. There are temporary hurdles, but we are running a marathon, so it’s not going to have any significant impact, and we hope and believe things will get better soon,” he added.
Currently, Simple Energy’s monthly sales are 1,500 units, and the brand is operating in more than 71 outlets across 38 cities, including Bengaluru, Delhi, Patna, and Chennai, among others. The company is rapidly ramping up its pan-India expansion. In the coming months, Simple Energy will expand into Ranchi, Bhubaneswar, Cuttack, and more.
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