Simple Energy plans $350 mn IPO in FY27

Bengaluru: Bengaluru-based EV startup Simple Energy on Wednesday said it plans to list through an initial public offering (IPO) between July and December of financial year 2026-27 (FY27), with a target to raise Rs 3,000 crore ($350 million).

The proceeds from the offering will be deployed to establish a larger EV manufacturing facility. The firm targets earnings before interest, tax, depreciation, and amortisation (EBITDA) profitability by the end of FY26 and is targeting net profitability prior to listing.

The company is present in states such as Karnataka, Maharashtra, Goa, Andhra Pradesh, Telangana, and Kerala. Simple Energy aims to reach 1 lakh cumulative sales, targeting a 5% market share, by FY27.

To date, the company has raised $41 million in various rounds of funding. It is backed by investors including Balamurugan Arumugam, Vipul Khanna, Apar Industries Family Office, Velumani Family Office, Haran Family Office.