Simple Energy plans IPO by FY27, aims to raise Rs 3,000 cr

Time of India

07-05-2025

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Electric two-wheeler maker Simple Energy plans to raise about Rs 3,000 crore through initial public offering by FY27 to fund its market expansion, new manufacturing unit, and R&D, according to its Founder and CEO Suhas Rajkumar. The company is stepping up its network expansion from the current 15 stores and 15 service centers to have 500 touchpoints in the next two years to grow its revenue multi-fold ahead of the initial public offering (IPO), Rajkumar told PTI.The Bengaluru-based electric vehicle (EV) startup has set an ambitious target of clocking USD 96 million (Rs 800 crore) in revenue in FY26 with an aim to cross USD 180 million (Rs 1,500 crore) in cumulative revenue over the next 18 months.Simple Energy had clocked Rs 40 crore revenue in FY25, he said."After spending seven years in the industry, we are looking at an IPO in FY27. The reason we are trying to plan an IPO in FY27 is driven by our growth in last year," Rajkumar said.Elaborating, he said, "By Q2 or Q3 of FY27, we are looking to raise about USD 350 million -- about Rs 3,000 crore odd -- that is our plan. We are trying to raise this money for two specific things. Of course, R&D is the core of our company but apart from that, we have plans of expanding from some 150 odd stores to roughly about 500 stores in the next two years,"Rajkumar further said, "We also want to invest in our manufacturing capacities to meet the demand that we will be creating yet. This is where our focus lies."At present, the company's facility at Hosur in Tamil Nadu has an annual capacity of 3 lakh units, he said, adding "We want to double that capacity post-listing".As the current factory cannot accommodate the expansion, the company will have to look at a new place, he said, adding "but whether we will continue in the same location or look at some other place depends on our business office's call, depending on how the commercials are working out for us as a business ".In terms of sales, Rajkumar said, "In FY25, we did about 4,000 odd scooters, and in FY26, we are looking at about 55,000 scooters in sales."With a growing presence in key states such as Karnataka, Maharashtra, Goa, Andhra Pradesh, Telangana, and Kerala, Simple Energy said it aims to achieve cumulative sales of 1 lakh EVs before the IPO.