Zelio E-Mobility Ltd, a fast-growing Indian electric two- and three-wheeler manufacturer, has received approval from the Securities and Exchange Board of India (SEBI) for its SME IPO, aimed at raising ₹78 crore. The company has already secured the Draft Red Herring Prospectus (DRHP) approval, and the initial public offering is expected to go live by the end of this month on the BSE SME platform.
Founded in 2021, Zelio E-Mobility has rapidly established a significant presence in India’s electric vehicle market. The company currently operates with an installed annual capacity of 72,000 units and distributes its electric scooters and three-wheelers through a network of over 280 dealers across more than 20 states and union territories.
Zelio has demonstrated strong financial performance in a short span. For FY25 (provisional), the company reported a revenue of ₹172.19 crore, an EBITDA of ₹21.02 crore (12.20% margin), and a profit after tax of ₹16 crore (9.29% margin). Its net worth stood at ₹26.67 crore, while both ROE and ROCE were close to 60%. Between FY23 and FY25, revenue grew at a CAGR of 83.29%, and PAT expanded at a CAGR of 128.76%, reflecting robust growth and operational efficiency.
The SME IPO, with Hem Securities Ltd as the book running lead manager, is expected to fund Zelio’s next phase of expansion. Details on investor participation and the specific use of proceeds will be shared closer to the issue date.
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