Electric two-wheeler maker Hero Electric on Tuesday announced it has raised Rs 1.6 billion from Mumbai-based investment management company Alpha Capital Advisors.
A company statement here said that following the investment, Alpha Capital will get a significant minority stake in Hero Electric.
"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," Hero Electric MD Naveen Munjal said in a statement.
During 2018, Hero Electric unveiled a line-up of its global products in India and transitioned its entire product portfolio to lithium-ion battery-powered two-wheelers, the statement said, adding that it now plans to launch more products in a phased manner.
The company plans to make significant additions to its manufacturing capacity by setting up multiple plants over the next five years and will also focus on India-centric innovations that will drive the growth of electric mobility.
"Over the past decade, Hero Electric has launched 15 electric two-wheelers in India and has 45 per cent share of the country's electric two-wheeler market," the statement added.