Simple Energy, the Bengaluru-based electric two-wheeler manufacturer planning to go public next year, aims for a 19-fold increase in retail presence by 2029. Founder and CEO Suhas Rajkumar highlighted that the company is entering a hyper-growth phase to break into the top three EV players in India, competing with TVS Motor, Bajaj Auto, Ola Electric, and Ather Energy.
The startup, founded in 2019, now operates 53 outlets and has developed an in-house motor free of heavy rare-earth elements to mitigate supply chain risks amid global export restrictions. Simple Energy plans to raise $350 million in its IPO, funding retail expansion, R&D, and marketing, while potentially offering a small secondary sale.
To date, the company has sold over 5,000 vehicles and raised $51 million from marquee investors to fuel growth.