Hero Electric Raises Rs 220 Crores For Its Expansion Plans
Modified On Jul 13, 2021 12:56 PM By Manaal Mahatme
The Indian brand eyes foreign markets with this capital
Hero Electric has announced that it has procured the first part of its Series B funding of Rs 220 crores led by Gulf Islamic Investments and its existing partner, OAKS. Last year, in an exclusive interview with us, Sohinder Singh Gill, CEO of Hero Electric, mentioned that the brand is looking to ramp up its portfolio and production by mid-2021. Despite the second wave of the pandemic, things seem to be on track.
The Indian electric two-wheeler brand has announced that it will use the funds to swell its production capacity, strengthen its dominance in the market, explore new technology, and expand footprints in emerging markets like India.
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Hero Electric enjoys a market share of 35 percent. With over 3.5 lakh units sold in the last fiscal year, the brand now aims to dial things up a notch. Naveen Munjal, managing director of Hero Electric, said that the brand aims to sell over 10 million units per year in the next couple of years.
Furthermore, the manufacturer says that the recent changes in the government policies on EVs is fairly conducive to the growth of the segment. Hero Electric will also be focusing on the development of new products and optimisation measures like using alternative materials, aerodynamic performance, reduction in weight, and more.