Hero Electric Vehicles, India’s largest electric vehicle manufacturer, has announced the first tranche of its Rs 220 crore Series B investment.
The round was led by Gulf Islamic Investments (GII), with OAKS as a participant. This money will be used to help the electric vehicle sector and ecosystem .According to the Gurugram-based company, the electric 2-wheeler market leader will use the funds to enhance manufacturing capacity, consolidate market position to reinforce market leadership, invest in technology, and expand its footprint across India’s markets. To meet the company’s goal of tripling sales every year, the corporation wants to expand its manufacturing capacity by establishing multiple plants over the next few years.
It will also focus on India-centric, adaptable, and cost-effective technologies to support the expansion of electric mobility, in keeping with the company’s goal of making India the world’s EV centre, according to a press release.
“The electric car market has seen enormous transformation over the previous five years since we raised our first round of funding,” says Naveen Munjal, Managing Director of Hero Electric. The policies are particularly favorable to the segment’s growth, and despite the pandemic, the company is on track to grow at a rate of more than 2X from the previous fiscal year.”
“In the next few years, Hero hopes to sell over 1 million units per year.” This round of funding, which is the first of a wider scheme, will assist boost our manufacturing facilities and R&D spending, allowing us to continue to produce creative goods that will disrupt the category,” Munjal said.