Simple Energy, a Mumbai-based Indian electric two-wheeler start-up, aims to list IPO in Q2 or Q3 of FY27 to raise 3,000 crore rupee (US$355.3 million).

It will use the money to develop a bigger plant to serve domestic demand.

It was incorporated in 2019 and aims for cumulative sales of 100,000 EVs and intends to expand its dealer network from 15 to 250 outlets spread over 23 states by FY27.

The firm has posted almost 500% year-over-year revenue growth and is looking to achieve 800 crore rupee (US$96 million) in FY26 revenue. It is expected to be EBITDA profitable by the end of FY26 and net profitable prior to the IPO.

Supported by investors such as Apar Industries Family Office, Velumani Family Office, and Haran Family Office, Simple Energy has secured US$41 million till now.

Simple Energy's growth strategies are in line with the overall two-wheeler category, which is presently powering India's electric vehicle revolution, with electric motorcycles and scooters selling the most volume of new EVs.

The segment has sold 91,791 units just in April 2025, a 40% year-on-year increase and commanding the overall electric vehicle market in India 1.

This is the government's sponsored strategy toward electrification, with the hope that by 2030, 80% of two-wheelers would be electric compared to just 30% of private cars 2.

Simple Energy's aspiration to achieve 1 lakh (100,000) cumulative sales by FY27 represents sizable scale in a market where two-wheelers resonate with India's urban mobility requirements and price insensitivity.

To put things into perspective, the company's current claimed 0.3% market share would account for approximately 3,000 units of the April 2025 two-wheeler sales, emphasizing the aggressive goal of their 5% market share target.

Simple Energy's aim of becoming EBITDA profitable by FY26 is well-timed when the overall EV segment is facing funding pressures with industry funding as a whole reducing to $586 million in 2024 3.

The breakeven of the company's gross margin in just two years of operating commercially is a standout performance in an industry where numerous startups in the world are unable to be profitable despite massive investment.

This profit-oriented strategy contrasts with the growth-at-all-costs strategy typical of many EV startups around the world, which could make Simple Energy more appealing to public market investors who are interested in sustainable business models.

To put that into perspective, the firm's $41 million raised to date is modest relative to global EV startups that typically raise hundreds of millions before hitting similar commercial benchmarks.

The company's intended pivot from angel/family office capital to public markets is a reflection of the emerging Indian EV ecosystem, where early leaders are starting to emerge with viable business models.

Simple Energy's focus on 95% domestic component production squarely targets one of the Indian EV industry's biggest weaknesses since India is currently only able to supply 20% of its demand for lithium-ion batteries locally 4.

The strategy of the company is in line with government policies encouraging indigenous production over import reliance, placing it well as policy assistance is increasingly moving away from consumers subsidies towards manufacturing incentives 5.

Their emphasis on overcoming the three major hurdles to EV uptake range anxiety, charging time, and cost using native R&D reflects an appreciation of India-specific mobility issues.

The strategy of entering Tier 2 and Tier 3 cities, referred to in the company's vision at inception, addresses another essential industry challenge: scaling EV adoption beyond city limits where charging infrastructure is localized 6.

This localization strategy can give Simple Energy more insulation against supply chain crises that have struck globally-dependent EV makers, as the sector gears up for expected high capital requirements, with Rs 25,000-30,000 crore budgeted to be invested on EV parts by FY26.