Warivo Electric Mobility IPO

About Warivo Electric Mobility IPO

The public issue of the Warivo Electric Mobility IPO, an SME IPO, opens on TBA and closes on TBA. The allotment of shares will take place on TBA. The credit of shares to the demat account will take place on TBA. The initiation of refunds will take place on TBA. The listing of shares will take place on TBA. The equity shares offered through the IPO are proposed to be listed on the NSE SME platform.

The offer consists of both a fresh issue and an offer for sale component. The fresh issue will include 46,32,000 shares (aggregating up to ₹[TBA] crores). The offer for sale portion includes 10,84,800 shares of ₹10 aggregating up to ₹[TBA] crores. The total number of shares is 57,16,800 and the aggregate amount is yet to be finalised.

Warivo Electric Mobility IPO’s price band is set at TBA to TBA per share. The lot size for an application is TBA. The minimum amount of investment required by a retail investor is ₹TBA (TBA shares) (based on upper price). The minimum lot size investment for HNI is TBA.

Warivo Electric Mobility is a pure-play electric mobility company engaged in the designing, manufacturing, assembling and supplying of electric vehicles with a primary focus on electric two-wheelers (E-2Ws) which are available in various designs, features and speed variants.

Objectives of Warivo Electric Mobility IPO

• Repayment and/or prepayment, in full or in part, of certain outstanding borrowings availed by the company.
  
• Funding capital expenditure for establishment of a lithium-ion battery manufacturing facility (Li-ion Facility) in Ellenabad, Haryana.
  
• Investment in research and product development.
  
• Funding their incremental working capital requirements.
  
• General corporate purposes.
  

Industry Outlook

India’s electric two-wheeler penetration currently stands at approximately 6.6% in FY 2026, having increased from around 0.3% in FY 2021, reflecting steady growth in adoption driven by supportive government policies, improving charging infrastructure, increasing product availability, and advancements in battery technology. Based on adoption trends and the evolving industry landscape, electric two-wheeler penetration in India to reach approximately 25%–30% by FY 2031F. The forecast reflects continued growth in EV adoption supported by improving affordability, expanding charging infrastructure, 185 technological advancements, and increasing consumer acceptance across urban and semi-urban markets. India has emerged as a major manufacturing hub for electric two-wheelers, supported by government initiatives such as the FAME II Scheme, the Production Linked Incentive (PLI) scheme for Advanced Chemistry Cells, and localization targets under the Phased Manufacturing Programme (PMP). According to the Ministry of Heavy Industries, based on inputs from the Society of Indian Automobile Manufacturers (SIAM), domestic EV manufacturing capabilities have expanded significantly, transitioning from small-batch assembly to large-scale industrial production.

About Warivo Electric Mobility

Warivo Electric Mobility is a pure-play electric mobility company engaged in the designing, manufacturing, assembling and supplying of electric vehicles with a primary focus on electric two-wheelers (E-2Ws) which are available in various designs, features and speed variants.

As a vertically integrated, pure-play electric mobility company, they design their products in-house, develop proprietary and patented vehicle models, and control key stages of manufacturing, assembly, testing, and quality assurance. They offer a range of electric scooters under their brands Warivo and Warivo ECO, catering to customers across urban, semi-urban and emerging markets in India.

Strengths of Warivo Electric Mobility

• A design-led product approach that gives their vehicles a distinct identity.
  
• Broad and diversified product portfolio across speed categories and price points.
  
• Dealer-led distribution network enabling scalable market reach.
  
• Integrated in-house manufacturing capabilities with focus on scalability, process control, and quality assurance.
  
• Structured international supply and domestic backup strategy.
  

Risks of Warivo Electric Mobility

• They are substantially dependent on Chinese suppliers and technology partners for critical vehicle platforms, batteries, motors, controllers, body assemblies and key components.
  
• Their limited operating history in the electric vehicle industry and at their current scale of operations may make it difficult for investors to evaluate their business and future prospects.
  
• There is no assurance that they will realise returns on their investments in research and development (R&D) and technology.
  
• Their dependence on overseas suppliers exposes them to geopolitical, regulatory, trade, logistics, import and foreign exchange risks.
  
• Any inability to increase localisation levels or comply with localisation requirements under applicable government policies and incentive schemes may adversely affect their competitiveness and eligibility for benefits.
  

Anchor Investor Bidding Date: TBA

Registrar Details
MUFG Intime India Pvt.Ltd.
Email: warivoelectric.smeipo@in.mpms.mufg.com
Tel.: 022-49186000

Book Running Lead Managers

• Socradamus Capital Pvt.Ltd.
  
• Hem Securities Ltd.
  

Warivo Electric Mobility Contact Details
DCG1-818-819, DLF Corporate Green, Sector-74A,
Narsinghpur Gurugram, Haryana, 122004
Email: investor@warivoelectric.com
Phone: 0124-5181413

Warivo Electric Mobility Business Model

The company earns its revenue as a pure-play electric mobility company engaged in the designing, manufacturing, assembling and supplying of electric vehicles with a primary focus on electric two-wheelers which are available in various designs, features and speed variants.

Warivo Electric Mobility Growth Trajectory

Warivo Electric Mobility’s Total Income for FY25 was ₹137.30 crores, whereas in FY24 and FY23 it was ₹62.14 crores and ₹43.67 crores, respectively.

The Profit After Tax for FY25 was ₹4.37 crores, whereas in FY24 and FY23 it was ₹0.92 crores and ₹2.61 crores, respectively.

Their EBITDA for FY25 was ₹7.85 crores, whereas in FY24 and FY23 it was ₹3.49 crores and ₹4.49 crores, respectively.

Warivo Electric Mobility Market Position

The company’s operations are supported by its manufacturing facility at Ellenabad, Haryana and a dealer-led distribution network of more than 350 active dealers across various states in India for the period ended on December 31, 2025.

As of 31 March 2025, the company’s Total Income, Profit After Tax, and EBITDA were ₹137.30 crores, ₹4.37 crores, and ₹7.85 crores, respectively.

How to apply for Warivo Electric Mobility IPO?

• Step 1: Log in to your Kotak Neo Demat account - Log in to your Demat account to access IPO investments. Next, select the current IPO section.
• Step 2: Specify IPO details - Enter the number of lots and the price you wish to apply for.
• Step 3: Enter UPI ID - After entering your UPI ID, click submit. This will place your bid with the exchange.
• Step 4: Mandate Notification - Your UPI app will receive a mandate notification to block funds.
• Step 5: Approve Request - Your funds will be blocked once you approve the mandate request on your UPI.