Zelio E-Mobility IPO Overview
Zelio E-Mobility Ltd. is launching an SME IPO to raise ₹78.34 crore by offering 5.76 million equity shares at a price band of ₹129–₹136 each. The issue opens on September 30, 2025, and closes on October 3, 2025. The IPO includes a fresh issue of 4.62 million shares and an offer for sale of 1.14 million shares. Funds will be utilized for debt repayment, capital expenditure, and working capital requirements. Listing is expected on October 8, 2025, on the BSE SME platform
Zelio E-Mobility GMP Status
| GMP (₹) (grey market premium) | IPO Price (₹) |
| 0 | 129-136 |
| Last Updated: 6 Oct 2025 | |
| 📌 Note: The above GMP data is unofficial and has been collected from multiple sources including grey market dealers and market observers. It is provided purely for informational and educational purposes. Please consult your financial advisor before making any investment decisions. | |
IPO Basic Detail
Zelio E-Mobility Core Business & Overview
Zelio E-Mobility Limited is an Indian electric vehicle (EV) manufacturer founded in 2021 and headquartered in Hisar, Haryana. The company specializes in the production of electric two-wheelers (E-2Ws) and three-wheelers (3Ws), operating under the brands “Zelio” and “Tanga” respectively. Their product lineup includes models such as the EEVA, EEVAZX, Gracy, Legender, Mystery, X-Men, and the Tanga series.
Core Operations
- Manufacturing & Assembly: Zelio E-Mobility manufactures and assembles electric vehicles at its facility in Hisar, Haryana. The company has an installed annual capacity of 72,000 units.
- Product Portfolio: The company offers a range of electric two-wheelers and three-wheelers, catering to different customer needs and preferences.
- Distribution Network: Zelio E-Mobility operates through a network of over 400 dealerships across India and plans to expand to 1,000 dealerships by the end of 2025.
Strengths
- Strong Financials: The company has demonstrated robust financial performance, which has been a key factor in its growth and expansion plans.
- Commitment to Quality: Zelio E-Mobility emphasizes quality in its products, ensuring that customers receive reliable and durable electric vehicles.
- Experienced Team: The company is led by a team with significant experience in the electric vehicle industry, contributing to its strategic direction and operational efficiency.
Risks
- Limited Operational History: As a relatively new player in the market, Zelio E-Mobility’s limited operational history may pose challenges in establishing long-term customer trust and brand recognition.
- Supply Chain Dependencies: The company may face risks related to its reliance on a few suppliers for critical components, which could impact production and delivery timelines.
- Regulatory Compliance: Zelio E-Mobility’s operations are subject to various regulatory requirements, and any changes in regulations could affect its business operations.
Financial Performance Overview (₹ in Crore)
| Financial Metric | FY 2023 | FY 2024 | FY 2025 |
| Revenue | 51.25 | 94.42 | 172.19 |
| Profit | 3.05 | 6.31 | 16.01 |
| Assets | 15.47 | 29.08 | 65.79 |
Revenue
- Revenue has shown strong growth over the three years: from ₹51.25 Cr in FY 2023 to ₹172.19 Cr in FY 2025.
- This represents a CAGR (Compound Annual Growth Rate) of approximately 69.4%, indicating rapid expansion in sales and market presence.
- The sharp increase reflects growing demand for electric vehicles in India and effective scaling of production and distribution.
Profit
- Profit has grown from ₹3.05 Cr in FY 2023 to ₹16.01 Cr in FY 2025.
- This is more than a fivefold increase in two years, with a CAGR of 90.2%, showing that the company is improving operational efficiency alongside revenue growth.
- Profit margins are also increasing, indicating better cost management and potentially higher-value products in the portfolio.
Asset
- Total assets have grown from ₹15.47 Cr to ₹65.79 Cr over three years.
- This indicates significant investment in production capacity, inventory, and infrastructure to support growth.
- The asset growth is consistent with revenue expansion, suggesting that the company is scaling sustainably without over-leveraging.
Disclaimer:
The above IPO analysis and financial data are based on information provided by the company in its official documents. For complete details, please refer to the Red Herring Prospectus (RHP) linked above. Investors are strongly advised to consult their financial advisor before making any investment decisions.
