India’s largest electric vehicles maker, Hero Electric Vehicles Private Limited announced the first part of their Series B funding of Rs.220-Crore. Along with participation from OAKS, Gulf Islamic Investments (GII) led the round. Avendus Capital was the exclusive financial advisor to Hero Electric on the transaction. V’Ocean Investments has been advised by OAKS Asset Management Pvt. Ltd. (OAKS) on the investment.
Hero Electric will direct this investment towards the objective of further supporting the EV industry and ecosystem. The 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. 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 couple of years.
In India, Hero Electric has launched over 15 electric two-wheelers over the past decade. Hero Electric has till date reskilled 6,000 mechanics across India. As market leader with 35% share and over 3.5-lakh vehicles across the country, Hero Electric had in its last fiscal hit record numbers in sales surpassing pre-COVID levels.
