Zelio E-Mobility Ltd, a Haryana-based electric vehicle startup, has announced plans to expand its electric three-wheeler business under the Tanga brand. The company is set to establish a new manufacturing unit in Hisar, expected to start operations by April 2026, aiming to contribute 30–40% of the company’s revenue in the coming years.
Current Operations and Expansion Plans
Zelio currently operates a Hisar plant with an annual capacity of 72,000 electric two-wheelers, functioning at around 52% capacity as of March 31, 2025. The company produces low-speed electric two-wheelers targeting students, elderly users, and short-distance commuters, supported by a dealer network of over 300 outlets.
The new investment of approximately ₹20 crore will cover the manufacturing unit setup, along with allocations for debt repayment, working capital, and research & development. This strategic expansion supports business diversification and helps mitigate operational risks by reducing reliance on a single location.
Financial Performance and IPO
For the financial year 2025, Zelio reported:
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Revenue: ₹172 crore
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EBITDA: ₹21 crore
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Profit After Tax: ₹16 crore
The company achieved a compound annual growth rate (CAGR) of 83% in revenue and 128% in profit after tax between FY 2023 and FY 2025.
To support the expansion and other financial requirements, Zelio has received approval for a ₹78 crore SME Initial Public Offering (IPO) from SEBI. The IPO, managed by Hem Securities Ltd., opens on September 30, 2025, and closes on October 3, 2025, comprising 46.2 lakh fresh equity shares and 11.4 lakh shares offered for sale, priced between ₹129 and ₹136 per share.
Strategic Focus
Zelio’s expansion under the Tanga brand aligns with the growing demand for eco-friendly and efficient urban mobility solutions in India, positioning the company to capitalise on the increasing adoption of electric three-wheelers in urban and semi-urban markets.
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