The world's largest motorcycle manufacturer Hero MotoCorp is planning to expand its business into Battery as a Service (BaaS) and Vehicle as a Service (VaaS). According to Money Control's statistics, India-based Hero MotoCorp has 37% market share of India's gas-powered two-wheeler market.

Hero MotoCorp designs, manufactures and sells motorcycyles. It also makes motorcycle component and parts that sell to Asia, Latin America, and Africa, and has research centers in India and Germany.

In its financial year 2021 (April 2020-March 2021) report, Hero indicated that India's motorcycle exports increased by 7.5% on year; motorcycle exports to the Middle East and Africa grew 142% on year with sales in the Middle East rising by more than 200%. But sales in India in the same period decreased by 13% due to the pandemic.

Hero said in its annual report that it will continue to deploy its electric fleet in India and overseas markets and plan to introduce its first electric scooter by March 2022 the latest.

Hero and Gogoro have partnered up to install Gogoro's battery swapping system in India and to develop electric scooters together.

Hero is adopting new business models to provide BaaS and VaaS and to create new sources of revenue by developing battery-charging infrastructure.

India's Bajaj Auto and TVS Motor have already launched electric scooters; Ola Electric, an unicorn startup, is also introducing new electric scooters in coming months, with its world's largest electric scooter factory Future Factory being under construction.

Although Hero MotoCorp has not had its own electric scooter yet, it has been investing in electric scooter maker Ather Energy since 2016, and now owns 34.56% of the company.