Indian EV startups are eyeing IPOs and after Ola and Ather Energy, Simple Energy is planning for IPO, as per a report by PTI. Simple Energy’s CEO, Suhas Rajkumar, revealed plans to go public by 2027 and revealed plans to raise Rs 3,000 crore through an initial public offering. Similar to Ather, the company plans to utilise the funds for expansion and R&D purposes.
Simple Energy is currently in the process of expanding its retail presence across India and has ambitious plans to have over 500 customer touchpoints in the next two years from its current 15 stores and 15 service centres. The CEO also revealed its financial target of achieving Rs 800 crore in revenue in FY26.
The EV startup currently has its facility in Krishnagiri, which is capable of producing 3 lakh vehicles and post the IPO, the company says it will look at a new facility as the current plant will not be able to handle the capacity. Rajkumar did not reveal details about the next facility or its location.
Simple Energy currently offers two scooters in its portfolio, the Simple One and Simple OneS. The former is powered by a 5kWh battery pack that offers a claimed range of 248km, while the latter is powered by a 3.7kWh battery pack that returns a range of 181km. The scooters are priced at Rs 1.66 lakh and Rs 1.39 lakh respectively, ex-showroom.
