Simple Energy is planning an Initial Public Offering in Q2–Q3 FY27 to raise Rs 30 billion (USD 350 million) as it focuses on profitability and manufacturing expansion. The clean-tech startup aims to achieve $96 million (Rs 800 crore) in revenue in FY26 and cross $180 million (Rs 1,500 crore) in cumulative revenue over the next 18 months.

Founded in 2019, the company has recorded 500 per cent year-on-year growth and achieved gross margin breakeven within two years of commercial operations. It is targeting EBITDA positivity by FY26 and net profitability ahead of the IPO.

Proceeds from the IPO will support the setup of a large-scale manufacturing facility to cater to pan-India EV demand. Simple Energy is also expanding its dealership network from 15 to 250 outlets across 23 states and aims to sell one lakh EVs cumulatively by FY27 — targeting a 5 per cent market share, up from the current 0.3 per cent.

“Clean energy is the cornerstone of India’s sustainable future,” said Suhas Rajkumar, Founder & CEO. “The IPO will power our vision to make electric mobility accessible beyond metros, especially in Tier 2 and 3 cities.”

Backed by investors such as Apar Industries’ promoters and Dr A Velumani’s family office, the startup has raised $41 million to date.