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Haryana-based EV startup Zelio E-Mobility Ltd. is preparing to grow its business with a strong push into electric three-wheelers under the Tanga brand. The company has announced plans to set up a new manufacturing unit that will start operations by April 2026.
According to the management, three-wheelers are expected to bring 30–40% of the company’s revenue in the coming years. This shows how important the Tanga three-wheeler line will be in shaping Zelio’s growth journey.
Speaking about the new facility, Chief Financial Officer Shubham Garg explained that this expansion is a strategic move. He said, “The new facility is expected to support diversification. Our upcoming three-wheeler line will likely need a dedicated unit. Operating multiple plants could reduce reliance on a single location and help manage operational risks.”
In addition, the company has planned to invest around Rs 20 crore for the new plant. Another Rs 19–20 crore will be used for debt repayment, working capital, and research and development (R&D). Perhaps the most important part of this investment is that it allows Zelio to build a new product segment while also strengthening its financial base.
At present, Zelio is best known for its low-speed electric two-wheelers, which are designed mainly for students, senior citizens, and short-distance riders. The brand already has a network of 300+ dealers across the country. However, by moving into the three-wheeler market with the Tanga brand, the company is clearly aiming to tap into the growing demand for commercial EVs.
Zelio has been growing rapidly in recent years. In FY2025, it reported a revenue of Rs 172 crore, EBITDA of Rs 21 crore, and a profit after tax of Rs 16 crore, giving it a margin of 9.29%. Moreover, between FY2023 and FY2025, the company achieved a revenue CAGR of 83% and PAT CAGR of 128%. This reflects strong growth, though from a small base.
To fund the upcoming expansion, Zelio will raise Rs 78 crore through an SME IPO. SEBI has already approved the IPO and will be listed on the Bombay Stock Exchange. It opens for subscription on September 30, 2025, and closes on October 3, 2025, with a price band of Rs 129–136 per share.
Although the focus is now on three-wheelers, Zelio’s two-wheeler business remains strong. The company operates a Hisar plant with an annual capacity of 72,000 e-two-wheelers in a single shift. As of March 2025, the plant was working at 52% capacity, but with demand rising, more shifts may be added.
However, the immediate priority remains the new three-wheeler facility. Looking ahead, Zelio may also set up additional plants in southern and eastern India to reduce logistics costs and strengthen its presence nationwide.
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