Bengaluru-based EV startup Simple Energy has accelerated its growth plans, setting its sights on an initial public offering (IPO) in the second half of FY28 while targeting revenue of more than ₹3,000 crore by FY30. The electric two-wheeler manufacturer recently secured ₹250 crore in a Series B funding round, strengthening its expansion strategy and reinforcing investor confidence in India’s rapidly growing electric vehicle market.
The development follows a series of successful public listings in the electric mobility sector, including the IPOs of Ola Electric Mobility in August 2024 and Ather Energy in April 2025. Meanwhile, Greaves Electric Mobility has already received approval from the Securities and Exchange Board of India (Sebi) for its planned IPO.
Speaking about the company’s public market ambitions, Founder and Chief Executive Officer (CEO) Suhas Rajkumar said, “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.”
On Sunday, Simple Energy announced the closure of a ₹250 crore Series B funding round comprising both debt and equity. The funding round attracted participation from the family office of Arokiaswamy Velumani, along with Rajkumar and cofounder and Chief Financial Officer (CFO) Ankit Gupta. Additionally, HDFC Bank and Capitar Ventures joined as debt partners, while several non-banking financial companies (NBFCs) collectively contributed ₹123 crore.
The company plans to utilize a significant portion of the newly raised capital to expand manufacturing operations and increase production capacity. Furthermore, it will allocate the remaining funds toward sales, marketing, and research and development (R&D) initiatives to strengthen its product portfolio and enhance customer experience.
Commenting on the funding milestone, Rajkumar said, “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.”
Simple Energy has witnessed remarkable business growth over the past year. According to Rajkumar, the company’s revenue increased more than four times, rising from ₹40 crore in April 2025 to ₹170 crore in April 2026.
Highlighting future plans, 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.”
On the manufacturing front, Simple Energy currently operates with a production capacity of 3,000 electric scooters per month. Over the past several months, the company has invested significantly in expanding its battery production line. As a result, management expects the benefits of these investments to become visible from August 2026 onward.
In addition, the company plans to strengthen its workforce as it enters its next phase of expansion. It will recruit talent across critical functions, including sales, production, and marketing, to support its growing national footprint.
Rajkumar also acknowledged ongoing industry challenges, including rising input costs and supply chain disruptions caused by geopolitical tensions in West Asia. However, he expressed confidence in the company’s ability to navigate these obstacles.
He stated, “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.”
Currently, Simple Energy sells approximately 1,500 electric scooters every month and operates through more than 71 outlets spread across 38 cities, including Bengaluru, Delhi, Patna, and Chennai. At the same time, the company continues to aggressively expand its nationwide presence. In the coming months, it plans to enter additional markets such as Ranchi, Bhubaneswar, and Cuttack, further strengthening its position in India’s fast-growing electric vehicle ecosystem.
As India’s electric vehicle industry continues to evolve, Simple Energy is positioning itself as a major player in the electric scooter segment. Backed by fresh capital, expanding manufacturing capabilities, growing revenues, and ambitious IPO plans, the company aims to capitalize on rising EV adoption and strengthen its standing in the competitive Indian electric mobility market. If it successfully achieves its FY30 revenue target and FY28 IPO roadmap, Simple Energy could emerge as one of India’s leading homegrown EV manufacturers.
