Bengaluru-based electric two-wheeler startup Simple Energy, which plans to list in 2027, is gearing up for a major scale-up — targeting a 19-fold jump in retail presence by 2029.
Founded in 2019, Simple Energy currently operates 53 outlets across India. As it enters what it calls a “hyper-growth phase” over the next three to four years, the company aims to break into India’s top three electric two-wheeler manufacturers.
Despite its ambitions, Simple holds a modest ~0.5% share of the EV two-wheeler market today, pitting it against firms like TVS Motor, Bajaj Auto, Ola Electric and Ather Energy.
One of its key strategic moves is technology development: Simple has built an in-house motor that does not rely on heavy rare-earth elements, a bet intended to reduce exposure to global supply chain disruptions. The company may open this technology to others if pressures intensify.
Simple plans to raise $350 million in its IPO, targeted for the second or third quarter of fiscal 2027, primarily through issuance of fresh equity. The funds are earmarked for retail expansion, research & development, and marketing.
To date, Simple Energy has secured $51 million in funding and sold over 5,000 units of its models (Simple One and Simple OneS).
As investors eye India’s growing EV market, the coming years will test whether Simple’s bets on retail reach, differentiated technology, and execution can pay off.
