New Delhi: Electric two-wheeler manufacturer Hero Electric on Tuesday announced that it has raised Rs 160 crore from Alpha Capital Advisors, by selling minority stake to the Mumbai-based investment management firm.
“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.” Naveen Munjal, Managing Director, Hero Electric said.
The company said that it 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.
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.
Hero Electric has launched 15 electric two-wheelers in India in the last 10 years.