Simple Energy, an Indian electric two-wheeler startup, plans to launch an IPO in Q2 or Q3 of FY27 to raise 3,000 crore rupee (US$355.3  million).

The funds will be used to build a larger manufacturing facility to meet national demand.

Founded in 2019, the company targets cumulative sales of 100,000 EVs and plans to grow its dealership network from 15 to 250 outlets across 23 states by FY27.

The company has reported nearly 500% year-on-year revenue growth and is targeting 800 crore rupee (US$96 million) in revenue for FY26. It aims to achieve EBITDA profitability by the end of FY26 and net profitability before the IPO.

Backed by investors like Apar Industries Family Office, Velumani Family Office, and Haran Family Office, Simple Energy has raised US$41 million to date.

🔗 Source: Simple Energy

🧠 Food for thought

1️⃣ India’s two-wheeler segment leads EV adoption amid ambitious startup growth

Simple Energy’s growth targets align with the broader two-wheeler segment, which is currently driving India’s EV revolution, with electric scooters and motorcycles accounting for the largest portion of new EV sales.

The segment sold 91,791 units in April 2025 alone, representing a 40% year-on-year growth and dominating the overall EV market in India 1.

This reflects the government’s targeted approach toward electrification, with expectations that 80% of two-wheelers will be electric by 2030, compared to only 30% of private cars 2.

Simple Energy’s goal to reach 1 lakh (100,000) cumulative sales by FY27 would represent significant scale in a market where two-wheelers align with India’s urban mobility needs and price sensitivity.

For context, the company’s current claimed 0.3% market share would represent about 3,000 units of the April 2025 two-wheeler sales, highlighting the ambitious nature of their 5% market share target.

2️⃣ Profitability milestone critical amid sector-wide funding challenges

Simple Energy’s focus on achieving EBITDA profitability by FY26 comes at a crucial time when the broader EV sector is experiencing funding constraints, with total industry funding declining to $586 million in 2024 3.

The company’s gross margin breakeven achievement within just two years of commercial operations stands out in a sector where many startups globally struggle with profitability despite significant investment.