Zelio E-Mobility to Raise INR 168 Cr for Pan-India Push
Zelio E-Mobility to raise inr 168 crore via preferential issue to fund its pan-India expansion plans.
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Zelio E-Mobility, an electric two- and three-wheeler manufacturer, has received board approval to raise up to ₹167.96 crore through a preferential issue of equity shares and convertible warrants, subject to shareholder and regulatory approvals. The BSE SME-listed company will issue up to 9.73 lakh equity shares at ₹853 apiece to four institutional and private investors, raising nearly ₹83 crore, with allottees including Motilal Oswal Financial Services, Calliope Capital Advisors, Param Value Investments and Hem Growth Opportunities Fund.
Simultaneously, the board approved issuing up to 9.96 lakh convertible warrants at ₹853 each to promoters Niraj Arya, Deepak Arya and Kunal Arya, raising nearly ₹85 crore, with 25% payable upfront and the balance at conversion within 18 months. SEBI-registered Brickwork Ratings India has been appointed to monitor use of proceeds.
The company currently operates three manufacturing plants across Haryana, Tamil Nadu and Odisha, and is developing a new three-wheeler facility in Patan, Haryana, which the fresh capital will help support. Zelio’s revenue grew 76.28% year-on-year to ₹303.54 crore in FY2025-26, with a four-year revenue CAGR of 121%. The company has a network of over 400 dealers across 25-plus states and is targeting 550-plus dealerships by FY27.
Shareholders will vote on the preferential issue and related-party transactions of up to ₹50 crore each with group entities including Torque Innovation EV and AVR Auto Industries at an Extraordinary General Meeting scheduled for October 20, 2026.
“Our next phase is about building the capacity and market reach needed to serve a much larger customer base across India. The proposed fundraise will give us greater room to expand our manufacturing footprint, strengthen our distribution network and accelerate the development of our upcoming three-wheeler facility in Patan,” said Kunal Arya, Managing Director, Zelio E-Mobility.
Zelio E-Mobility, an electric two- and three-wheeler manufacturer, has received board approval to raise up to ₹167.96 crore through a preferential issue of equity shares and convertible warrants, subject to shareholder and regulatory approvals. The BSE SME-listed company will issue up to 9.73 lakh equity shares at ₹853 apiece to four institutional and private investors, raising nearly ₹83 crore, with allottees including Motilal Oswal Financial Services, Calliope Capital Advisors, Param Value Investments and Hem Growth Opportunities Fund.
Simultaneously, the board approved issuing up to 9.96 lakh convertible warrants at ₹853 each to promoters Niraj Arya, Deepak Arya and Kunal Arya, raising nearly ₹85 crore, with 25% payable upfront and the balance at conversion within 18 months. SEBI-registered Brickwork Ratings India has been appointed to monitor use of proceeds.
The company currently operates three manufacturing plants across Haryana, Tamil Nadu and Odisha, and is developing a new three-wheeler facility in Patan, Haryana, which the fresh capital will help support. Zelio’s revenue grew 76.28% year-on-year to ₹303.54 crore in FY2025-26, with a four-year revenue CAGR of 121%. The company has a network of over 400 dealers across 25-plus states and is targeting 550-plus dealerships by FY27.
