Hero Electric, the country's largest electric two- and three-wheeler major, has raised Rs 160 crore in its first round of funding from Mumbai-based investment management firm Alpha Capital Advisors. The company says the funding will be mainly used for diversifying product portfolio along with acquiring new technologies.
Commenting on the investment, Naveen Munjal, managing director, Hero Electric, said: “Aligning with the government of India’s vision for electric mobility, Hero Electric has been a pioneer in developing a range of best-in-class electric two- and three-wheelers. This fund infusion will help us diversify our product portfolio, acquire new technology and focus on strengthening our R&D capabilities to achieve certain rate of localisation. Progress in all these areas will help accelerate Hero Electric’s already robust growth.”
In 2018, the company unveiled a line-up of its products in India and transitioned its entire product portfolio to lithium-ion battery-powered two-wheelers. It now plans to launch more key products in a phased manner. To achieve the vision of exponential growth and double sales every year, Hero Electric plans to make significant additions to its manufacturing capacity by setting up multiple plants over the next five years. It will also focus on India-centric, flexible and cost-effective innovations that will drive the growth of electric mobility.
Till date, the company has launched over 15 electric two-wheelers in India, and has over 45 percent share in the country’s electric two-wheeler market. The company also has plans to raise more funds to further foritfy its posiiton in the electric mobility segment in India.
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