A pioneer and market leader in the Indian electric two-wheeler industry with its modern facility at Ludhiana, Hero Electric entered the electric two-wheeler segment after an extensive research.
Hero Electric, the country’s largest electric two-wheeler manufacturer, on Tuesday announced that it had raised Rs 160 crore from Alpha Capital Advisors, an investment management firm. With this, Alpha Capital Advisors get a significant minority stake in the automaker.
To 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 five years. It will also focus on India-centric, flexible and cost-effective innovations that will drive the growth of electric mobility.
“Aligning with the Union government’s vision for electric mobility, Hero Electric has been a pioneer in developing a range of best-in-class electric 2 and 3 wheelers. This fund infusion will help us diversify our product portfolio, acquire new technology and focus on strengthening our research and development capabilities to achieve certain rate of localisation. Progress in all these areas will help accelerate Hero Electric’s already robust growth,” said Naveen Munjal, managing director, Hero Electric.
The year 2018 has been important for Hero Electric, as the company unveiled a line-up of its global 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.
Over the past decade, Hero Electric has launched 15 electric two-wheelers in India. With 45% share of the country’s electric two-wheeler market, the firm leads India’s electric mobility revolution. Steer Advisors, founded by Rajesh Doshi, were the financial advisors to Hero Electric for this deal.
A pioneer and market leader in the Indian electric two-wheeler industry with its modern facility at Ludhiana, Hero Electric entered the electric two-wheeler segment after an extensive research. It has a network of more than 500 touch points across the country with over 200,000 customers.