Zelio E-Mobility Appoints Ropes In Ex-Navi Executive Divyanshu Agarwal As CEO

BSE SME listed EV manufacturer Zelio E-Mobility has appointed former Navi UPI business head Divyanshu Agarwal as its CEO, with effect from April 15. The appointment was approved by the company’s board following a recommendation from its nomination and remuneration committee. 

The 26 year-old chartered accountant joined Navi as a finance associate in 2021 and ascended to the position of head-UPI business and growth in July 2025. He left Navi earlier this month. As per Zelio’s filings, he also played a key role in “Navi’s DRHP process and private equity fund raise initiatives”.

Before Navi, he trained at Price Waterhouse Chartered Accountants, where he worked on audits of listed companies.

The CEO position at Zelio was vacant prior to his appointment. Founder Kunal Arya has been helming the company’s operations as its managing director since inception in 2021. 

Zelio is engaged in the manufacturing and selling of electric two wheelers and electric three wheelers with a greater emphasis on cracking the non-metro markets. Its E2Ws top speeds are typically capped at 25 kmph.

The BSE SME listed company has been able to scale across India quickly in the past few years. It now operates in over 25 states with a dealer network of more than 300 partners. Its strongest markets are in North and East India, including Haryana, Uttar Pradesh and West Bengal.

Unlike many EV startups that focus on high-speed scooters, Zelio has stayed away from direct competition with players like Ola Electric and Ather Energy. Instead, it has focused on a less crowded but larger market.

The company has also focused on building its own manufacturing base. It runs a six-acre facility in Hisar with an annual capacity of 72,000 units and is working to increase localisation of components from around 20–30% to as much as 70–80% over the next three years.

Zelio has also started preparing for commercial mobility use cases, including delivery and small business transport, alongside its core personal mobility business.

Financially, the company has remained profitable. In the first half of FY26, its profit rose 69% year-on-year to ₹11.8 Cr, while revenue grew 77% to ₹133.3 Cr. 

The company listed in the BSE SME platform in October 2025 post an initial public offering comprising solely a fresh issue component worth ₹78 Cr. The stock has more than doubled since listing.

The company’s shares increased 4.99% to ₹416.25 on BSE today. 

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