Hero Electric raises growth capital of INR 220 crores from GII and existing investor OAKS; To target 1 Million units

Hero Electric Vehicles Pvt. Ltd., India’s largest electric vehicles maker backed by six decades of the Hero legacy, today announced the first part of their Series B funding of Rs.220 crores. Gulf Islamic Investments (GII) led the round along with participation from OAKS. The company will direct this investment towards the objective of further supporting the EV industry and ecosystem. Avendus Capital was the exclusive financial advisor to Hero Electric on the transaction. 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. It will also focus on India-centric, flexible, and cost-effective innovations that will drive the growth of electric mobility which is in line with making India the EV hub of the world. “The Electric vehicles market has undergone tremendous change over the last few years since we raised our first round of funding. The policies are extremely conducive for the growth of the segment and despite the pandemic, the company is poised to grow at