Bengaluru-based electric two-wheeler startup Simple Energy is planning to tap the public markets to raise about $350 million (approximately Rs 3,100 crore) through an initial public offering before the end of calendar year 2026, as it looks to scale operations while tightening its focus on margins and value-driven products.
The startup till now had only the Simple One electric scooter model with two variants, and has sold around 1,000 units in the past few months. The company is expanding its dealerships across the country to 150 by March from the current 60 outlets.
On Monday, it introduced Gen 2 variants of the two existing products and a new variant – Simple Ultra, which claims an IDC range of 400 km, expanding its portfolio to four products. The company is also planning to launch a family electric scooter within one year.
Simple Energy said that it is targeting EBITDA breakeven by the end of this financial year as it aims to become fully profitable ahead of its listing. The company has till now raised $51 million from a group of investors, including Dr Arokiaswamy Velumani’s family office and the promoters of Apar Industries.
The IPO plans come as the company accelerates its retail expansion across the country. Simple Energy currently operates around 60 stores and plans to expand to nearly 150 dealerships and 200 service centres by March 2026.
“The plan is to expand to about 150 stores by the end of the financial year, ensuring that each sales outlet is supported by a service centre,” said Shreshth Mishra, co-founder of Simple Energy. The company believes a tightly integrated sales and service network will be critical as it seeks to scale volumes in a market that remains competitive and price-sensitive.
Simple Energy is adopting a strategy centred around steady volume expansion rather than aggressively chasing market share with lower-priced models. Mishra said margins remain central to the company’s approach.
“Margins are critical. Simple Energy is focused on scaling sustainably rather than chasing volumes at the cost of profitability. The company is not targeting sub-Rs 1 lakh products and is instead focused on value-driven offerings above that price point,” he said, adding that rising input costs for commodities such as copper and aluminium have reinforced the need to prioritise value over aggressive price cuts.
“Simple Energy believes India has transitioned from being purely cost-sensitive to being value-driven across categories,” Mishra said. “Simple One helped lay the foundation, and future products will build on that to reach a wider geography and customer base.”
With the new set of products being rolled out, it is looking to scale monthly volumes to 2,000–5,000 units in the January–March period. The Simple platform supports a wide range of motors, with a scalable battery architecture that allows the company to develop multiple products for different customer segments.
The broader electric two-wheeler market in India has grown steadily, with calendar-year sales reaching about 1.30 million units and penetration hovering around 6.5%. Legacy manufacturers such as TVS Motor Company, Bajaj Auto and Hero MotoCorp together now control 53% of the segment, up sharply from 39% in 2024.
Despite this, Simple Energy says it views the market through a different lens. “The company views the market less as competition and more as coexistence,” Mishra said. “Even in ICE two-wheelers, the top players hold only about 20–30% market share each.”
On Monday, Simple Energy also expanded its product portfolio with the launch of its Gen 2 range, introducing updated versions of the Simple One and Simple OneS, alongside a new flagship model, the Simple Ultra.
The launch takes its lineup to four scooters, with the Simple Ultra positioned as a long-range offering with a claimed IDC range of 400 km, powered by a 6.5 kWh battery. The Gen 2 updates bring higher range options, design and feature upgrades, and improved performance across models, reinforcing the company’s focus on long-range, performance-oriented electric scooters as it prepares for its next phase of growth.
The Gen 2 variant of the Simple One is available at an introductory starting ex-showroom price of Rs 1.40 lakh.