Motilal Oswal Acquires 1.65% Stake in Zelio E-Mobility
Electric Scooters
21 April 2026

Motilal Oswal Acquires 1.65% Stake in Zelio E-Mobility

We have exciting news to share with every Zelio rider, dealer partner, and supporter:

Motilal Oswal Financial Services, one of India’s most respected financial institutions, has acquired a 1.65% stake in Zelio E-Mobility for a total consideration of Rs 9.8 crore. This is more than a transaction. It is a powerful statement of trust in where Zelio is headed – and in the future of electric mobility in India.

The Deal at a Glance

Motilal Oswal Financial Services acquired 3.5 lakh shares of Zelio E-Mobility at a price of Rs280 per share, as recorded in BSE exchange data.

As per the latest data of 6-Mar-2026, Zelio’s shares were trading at approximately 393 – up around 40% – reflecting strong and sustained market interest. Zelio E-Mobility’s market capitalisation stood at Rs 832 crore (as on 6-Mar-2026), underlining investors confidence. 

From IPO to Institutional Confidence: Our Journey

Zelio E-Mobility completed its SME IPO in late 2025, raising Rs 78.34 crore – comprising a fresh issue of Rs 58.84 crore and an offer for sale of 11.4 lakh shares worth Rs 15.50 crore. The IPO was subscribed 1.5 times, drawing participation from both institutional and retail investors.

Our shares debuted on October 8, 2025, at Rs 154.90 – a 13.9% premium over the issue price. Since listing, the stock has more than doubled from that level, a trajectory that reflects the market’s confidence in Zelio’s fundamentals and long-term potential.

Motilal Oswal’s entry as an institutional stakeholder now adds a marquee financial name to Zelio’s growing shareholder base.

Strong Numbers Backing Zelio Story

Following our IPO, Zelio E-Mobility posted outstanding results:

H1 FY26 (Post-IPO):

  • Consolidated Revenue: Rs 134.78 crore
  • Profit After Tax: Rs 11.87 crore
  • Standalone Revenue growth: 77% year-on-year to Rs 133.3 crore
  • Standalone PAT growth: 69% year-on-year

Full Year FY25:

  • Revenue: Rs 172 crore
  • EBITDA: Rs 21 crore
  • Profit After Tax: Rs 16 crore
  • Net Worth: Rs 26.67 crore

Year after year, Zelio has been doubling its growth – and these numbers are a testament to the hard work of our teams, the trust of our dealers, and the loyalty of our customers across India.

Why This Investment Matters

Founded in 2021 and headquartered in Haryana, Zelio E-Mobility entered a crowded market with a clear focus: deliver reliable, affordable, and practical electric vehicles for everyday Indians.

The Motilal Oswal stake acquisition is a validation of that focus. When one of India’s most credible financial services firms chooses to invest in a company, it signals several things:

  • Confidence in the business model – our revenue and profit trajectory is real and sustainable.
  • Belief in the EV sector – India’s electric vehicle revolution is no longer a future story; it is happening right now.
  • Recognition of Zelio’s positioning – as a Bharat’s EV maker with consistent growth, a wide product range, and a pan-India dealer network, Zelio is well-placed to scale.

 

India’s electric two-wheeler and three-wheeler segment is among the fastest-growing in the world. Government policy, rising fuel costs, environmental awareness, and improving EV infrastructure are all converging to accelerate adoption. Zelio is riding this wave – not just as a participant, but as a manufacturer delivering vehicles that make EV ownership accessible to millions. This institutional confidence, reflected in Motilal Oswal’s investment, is a reminder that the best chapters of India’s EV story – and Zelio’s story – are still ahead.

Thank You - To Every Rider and Partner

Every Zelio customer who has chosen an electric future, every dealer who has partnered with us, and every team member who has worked to build this company – this milestone belongs to you as much as it does to us.

We remain committed to building world-class electric vehicles that India deserves, and to growing Zelio into a name that every Indian household trusts. And perhaps nothing captures our journey better than the words of our own customers – across villages, towns, and cities, people proudly call their Zelio their “battery scooty”. That simple, affectionate name tells us we’re not just selling vehicles; we’re becoming a part of everyday Bharat’s life.

From the lanes of Haryana to the streets of small-town India, Zelio is quietly, steadily becoming Bharat’s favorite battery scooty brand – and that is the milestone we are most proud of.

The road ahead is electric. And we’re just getting started.

References

Dheeraj

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Ask five people in Bangalore what an electric scooty costs and you will get five different numbers, because the on-road price almost never matches the figure on a billboard. Karnataka's mix of dense city traffic, long IT-corridor commutes and a genuinely large first-time EV buyer base makes the price question more layered here than in most states. This piece breaks down what actually goes into that number and where it lands across Zelio's lineup. Why the Price Conversation Is Different in Karnataka Three things shape how electric scooty pricing plays out for Karnataka riders specifically. Commutes run longer than the state averag: Bangalore's IT corridors, from Whitefield to Electronic City to Outer Ring Road, routinely push daily riding past 25-30 km one way for a large chunk of commuters, which changes which battery variant actually makes financial sense. Traffic time costs more than fuel does: Bangalore's average commute speed during peak hours often drops well below what any scooter, petrol or electric, can use meaningfully. That flattens the usual "electric is slower so it's less practical" argument, since neither vehicle type is moving fast in gridlock anyway. Karnataka has a large first-time EV buyer segment: particularly among students in cities like Mysuru, Mangaluru and Hubballi, where the non-RTO category removes a real barrier: no licence requirement for riders as young as 16. What Actually Sits Inside an On-Road Price Before comparing model prices, it helps to know what the final number is built from. Component What It Covers Ex-showroom price Base cost of the scooter before tax and registration Road tax Usually waived or heavily discounted for EVs in most states Registration fee Not applicable for non-RTO low-speed models Insurance Optional for non-RTO scooters, mandatory for high-speed ones Handling charges Dealer fee for documentation and delivery Central subsidy Applies mainly to high-speed, certified lithium-ion models under schemes like PM E-DRIVE Do You Need a Licence or Registration in Karnataka? The rule is national, not state-specific, but it is worth restating because it directly affects the final price you pay. Under Rule 2(u) of the Central Motor Vehicles Rules, 1989, a two-wheeled battery-operated vehicle is exempt from being classed as a motor vehicle when it clears two conditions together: Motor power stays under 250 watts Top speed stays under 25 km/h Meet both, and there is no RTO registration, no driving licence, no number plate and no road tax to add to the price. Cross either limit, even with a software-capped top speed, and the scooter is treated exactly like a petrol vehicle, licence and registration included. 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