Hero Electric Vehicles has announced the first
part of their Series B funding of Rs.220 crore. Gulf Islamic Investments (GII)
led the round along with participation from OAKS. The company will direct this
investment towards the objective of further supporting the EV industry and
ecosystem. Avendus Capital was the exclusive financial advisor to Hero Electric
on the transaction.
electric 2-wheeler market leader will allocate this investment towards
expanding production capacity, consolidating market position to strengthen
market leadership, invest in futuristic technology and grow footprint across
India like markets.
achieve the vision of exponential growth and double sales every year, the
company plans to make significant additions to its manufacturing capacity by
setting up multiple plants over the next couple of years. It will also focus on
India-centric, flexible, and cost-effective innovations that will drive the
growth of electric mobility which is in line with making India the EV hub of
Electric vehicles market has undergone tremendous change over the last few
years since we raised our first round of funding. The policies are extremely
conducive for the growth of the segment and despite the pandemic, the company
is poised to grow at over 2X from the last fiscal. Hero aims to sell over 1
million units per year in the next couple of years. This round of investments
which is a first of a larger scheme will help expand our manufacturing
capacities, increase R&D spends that will enable us to continue to launch
innovative products to disrupt the category. Hero is committed to its mission
of – No Emission and build a sustainable future that is electric,” said Naveen
Munjal, Managing Director, Hero Electric.
to this, Sohinder Gill, CEO Hero Electric said, “Hero Electric since its
inception in 2007 has worked tirelessly to further build the legacy of the
brand Hero by journeying to electric. As market leaders, Hero has seen an
upward trajectory that will see tremendous growth in the coming years thanks to
the support and initiatives taken by Central and State governments. With this
round of initial funding in this series we enhance our market position while
maintaining leadership with innovative product offerings for the diverse and
demanding customer of today.”
the past decade, Hero Electric has launched over 15 electric two-wheelers in
India. The company’s best-selling scooters, in the “City Speed” segment have
now become the go to bikes for the retail customer and also for the B2B segment
across the country.
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