Joining the ranks of electric two-wheeler makers aiming for a public listing, Bengaluru's Simple Energy is eyeing an initial public offering (IPO) in the latter half of the financial year 2028 (FY28), according to Founder and Chief Executive Officer (CEO) Suhas Rajkumar.

This follows the successful IPOs of Ola Electric Mobility in August 2024 and Ather Energy in April 2025.

Greaves Electric Mobility has obtained approval from the Securities and Exchange Board of India (Sebi) for an IPO.

The organization has established a revenue goal exceeding Rs.3,000 crore by FY30.

"We are assessing the latter part of FY28." Our plans experienced a slight delay due to the present market situation. Rajkumar stated, "We anticipate that the complete supply chain will be whole in a year's time."

The firm revealed it had obtained Rs.250 crore in a Series B funding round that included both debt and equity components. The round was spearheaded by the family office of Arokiaswamy Velumani, together with Rajkumar, and Cofounder and Chief Financial Officer (CFO) Ankit Gupta. The debt partners consist of HDFC Bank and Capitar Ventures, alongside other non-banking financial companies (NBFCs) contributing Rs.123 crore.

Also Read: Decoding India's E-Commerce Shift: AI, Speed & Real-Time Retail

Most of the revenue will be utilized to increase production, encompassing manufacturing and capacity growth, while the remaining resources will support sales, marketing, and research and development (R&D) to enhance the product roadmap and customer experience.

"The funding demonstrates significant investor trust in Simple Energy." "This will assist us in increasing production, enhancing our Made-in-India manufacturing capabilities, and broadening access to our high-performance, long-range scooters across the country," stated Rajkumar.

Also Read: India's AI-Energy Race: Can Power Drive the Digital Leap?

The manufacturer of electric two-wheelers is experiencing “evident market demand,” with revenues increasing four times from Rs.40 crore in April 2025 to Rs.170 crore in April 2026, he noted.

“The funds will primarily focus on expanding capacity, aiming for monthly sales of 10,000 scooters by March 2027, while also maintaining investments in R&D and marketing,” Rajkumar says.

Also Read: WebEngage and India Shelter to Bolster Digital Conversion Funnel

"This achievement signifies Simple Energy's evolution from a local startup to a comprehensive EV OEM, bolstering brand confidence and preparedness for a sustainable journey to public markets," stated the leading executive.