New Delhi: Hero Electric, India’s largest electric two-wheeler manufacturer, has raised Rs 160 crore from Alpha Capital Advisors, a Mumbai-based investment management firm. With this investment, Alpha Capital will get a significant minority stake in the automaker, the company said today.
“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.” said, Naveen Munjal, managing director, Hero Electric.
Hero Electric had recently 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.
In order to achieve 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 said. It will also focus on India-centric innovations that will drive the growth of electric mobility.
Over the past decade, Hero Electric launched 15 electric two-wheelers in India. And has 45 per cent share of the country’s electric two-wheeler market.