Hero Electric Receives Funding of RS 220 Crores

  • Hot
  • Published On: 12 July 2021
  • Views
  • 0 Comments
  • Likes
  • 2 min read
  • Download

The primary investor was Gulf Islamic Investments (GII) along with OAKS.

Hero Electric
  • Hero Electric

Highlights

  • Hero Electric to setup multiple new production facilities
  • Hero Electric also aims to invest in futuristic technology
  • The brand will also expand its footprint across India

Hero Electric has received an investment of 220 Crores as first part of their Series B funding in the country. The primary investor was Gulf Islamic Investments (GII) along with 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. The allocation of these funds will be directed towards expansion of production capacity, consolidation of market position to strengthen market leadership, investment in futuristic technology and growth in footprint across India.


“The 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 Mr. Naveen Munjal, Managing Director, Hero Electric.

Read Also : KTM India’s ‘Great Ladakh Adventure Tour' to Begin from August 21

Mr. Pankaj Gupta, Founding Partner and Co-CEO of GII commented, “We are delighted to be a part of the growth journey of India’s market-leading electric vehicles pioneer - Hero Electric - through our latest round of investments under India Growth Portfolio II. As a sustainability conscious and visionary investor, GII has observed the growing role of electric vehicles in mitigating environmental pollution and the opportunities it presents in India, one of the world’s most populous countries and an important investment destination in the firm’s global strategy. Hero Electric has established itself as a champion in the country’s electric vehicles segment and is exceptionally well positioned to achieve multi-fold growth in the coming years. We’re excited to partner with Sohinder, Naveen and their world-class management team to continue to accelerate their impressive growth trajectory and positively impact the widespread adoption of electric vehicles in India.”

Author: Mayank Gupta

A mechanical engineering dropout by choice, Mayank has been in the auto journalism biz for the past 8 years. He is currently working as an Associate Editor at Droom Discovery and covering each and every aspect of the auto industry. He has worked with a plethora of renowned Auto brands in his illustrious career so far. Being a student of English Literature, his mantras of success are the Never-Say-Never attitude and self-confidence. Mayank likes to travel, read books and listen to music during his free time. more

Search Your Dream Vehicle

Select Category

  • Bikes
  • Scooters
OR

Recent News

Official: Toyota Yaris Discontinued in India
Published On : 27 September 2021 | 1 min read

Toyota Yaris would be discontinued in the Indian market from September 27, 2021

Click here to Read More
Ducati Desert X World Premiere on December 9, 2021
Published On : 27 September 2021 | 1 min read

Ducati Desert X will be positioned in the middleweight adventure segment

Click here to Read More
KTM Pro-XP Riding Program Introduced in India
Published On : 24 September 2021 | 1 min read

It offers a wide range of exclusive riding experiences to KTM owners across three categories: Off-Road Adventure, Street and Track

Click here to Read More
 TVS Apache RR310 ‘Build to Order’ Attains 100 Percent Bookings
Published On : 24 September 2021 | 1 min read

TVS Apache RR310 Build to Order next booking slot will start from October 1

Click here to Read More
Hero Electric Plans to Set Up 10,000 EV Charging Stations
Published On : 24 September 2021 | 1 min read

Hero Electric join hands with Massive Mobility to set up 10,000 EV charging stations in India

Click here to Read More
Tata Motors Achieves a New Milestone of 10,000 EV Customers
Published On : 24 September 2021 | 1 min read

The homegrown automaker offers Tata Nexon EV and Tata Tigor EV in the country

Click here to Read More