Simple Energy, an Indian electric two-wheeler manufacturer based in Bengaluru, is targeting a 19-fold increase in its retail presence by 2029. The company plans to expand aggressively in northern India to challenge industry giants as it prepares for its public listing next year, according to CEO and Founder Suhas Rajkumar.
Founded in 2019, Simple Energy opened its first showroom just last year and now operates 53 outlets across India. In the next three to four years, the company plans to enter a “hyper-growth phase,” aiming to break into the top three electric two-wheeler manufacturers in the country, Rajkumar told Reuters.
Currently holding a 5% share of India’s electric vehicle (EV) two-wheeler market, Simple Energy competes with major players like TVS Motor, Bajaj Auto, Ola Electric, and Ather Energy. Scooters dominate the EV segment, accounting for a third of India’s two-wheeler market.
In mid-September, Simple Energy announced the development of an in-house motor that is free of heavy rare-earth elements. This move is designed to shield the company from supply chain disruptions caused by China’s export restrictions, which have affected the global automotive industry. Local competitor Ola Electric also announced plans in April to develop its own rare-earths-free motors in response to similar supply challenges.
Although Simple Energy will keep its new motor technology exclusive for now, Rajkumar stated that the company may make it available to other manufacturers within a year if supply chain issues persist.
Looking ahead, Simple Energy plans to launch its initial public offering (IPO) in the second or third quarter of fiscal 2027, aiming to raise $350 million primarily through a fresh issue of shares. The funds will be used for retail expansion, R&D, and marketing. A small portion of the IPO will be an offer for sale, though details remain undisclosed. The company has already raised $51 million from prominent investors to fuel its growth.
As of September 29, Simple Energy has sold 5,027 vehicles, including its models ‘Simple One’ and ‘Simple OneS’, after overcoming initial delivery challenges.
