Zelio E-Mobility is set to raise Rs 168 crore to fuel expansion efforts in EV production.

Haryana-based electric two-wheeler and three-wheeler manufacturer, Zelio-E Mobility is all set to raise up to Rs 167.96 crore via preferential issues of equity shares and convertible warrants in order to expand its manufacturing capacity and distribution network spanning across India. 

Zelio E-Mobility Funding

The BSE SME-listed company’s board has approved the proposed fundraise, which is limited to shareholder and other applicable approvals. The shareholders will consider the proposal at the General Meeting, which is scheduled for 20 October. 

The board has also approved the issue of up to Rs 9.96 lakh convertible warrants at Rs 853 each to promoters such as Niraj Arya, Deepak Arya, and Kunal Arya, for approximately Rs 85 crore. Under these terms, 25% of the issue price will be payable upfront, with the remaining 75% payable at the time of conversion within 18 months from the date of allotment. 

The shareholders will also consider proposed related transactions of up to Rs 50 Crore each with Torque Innovation EV, AVR Auto Industries, Jai Bharat Engineering Tools, Jai Bharat Auto Components and Rajdhani Machinery Store. 

Zelio is currently running manufacturing facilities in Haryana, Tamil Nadu and Odisha. The Ladwa facility situated in Haryana spans 263,450 sq. ft. while the Coimbatore and Cuttack facilities cover approximately 39,000 sq. ft. and 30,500 sq. ft. respectively. The company is also developing a three-wheeler manufacturing plant in Patan, Haryana. 

Zelio’s standalone revenue from operations amounted to Rs 303.5 crore in FY2025-26, which resulted in an increase of 76.28% year-on-year. The company has stated that its revenue showed a CAGR of 121% over the last four years, and it has remained profitable since their formation.