Hero Motors, the flagship auto-components company of the HMC (Hero Motors Company) Group, with a focus on Gears, Transmissions and bike powertrains has raised growth equity capital from private equity firm, GEF Capital Partners for a minority stake
The automaker will use these funds to further augment its growth with a significant focus on serving the original equipment manufacturers in the electric mobility sector by setting up additional technology centers for Research & Development along with expanding its presence globally by opening new facilities to cater to its customers’ growing demands.
Commenting on the development, Pankaj Munjal, Chairman of HMC, said, “We are extremely excited to have GEF Capital Partners, a marquee investor, partner with us in our endeavour to be amongst the leading cutting-edge technology players in global Electric Vehicle components value chain.”
GEF Capital’s Managing Partner, Sridhar Narayan added, “Hero Motors is the largest manufacturer of e-bike components in India and is actively transitioning its Gears & Transmission business towards electric vehicles by acquiring capabilities across product engineering and process engineering.”
Commenting on the partnership, Amit Gupta, MD & CEO of Hero Motors highlighted that, “This fundraise will help the company further augment its growth trajectory by enabling it to expand its network of facilities and allocate more capital towards R&D to be able to provide innovative products and solutions to our customers.”