New Delhi, Dec 11 (IEBusiness) Hero Electric, the country’s largest electric two-wheeler manufacturer, on Tuesday announced it has raised Rs 160 crore from Alpha Capital Advisors, a Mumbai-based investment management firm.
With this investment, Alpha Capital Advisors get a significant minority stake in the automaker.
Hero Electric Managing Director Naveen Munjal said the year 2018 has been important for Hero Electric, as the company 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.
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 five years. It will also focus on India-centric, flexible and cost-effective innovations that will drive the growth of electric mobility.
Over the past decade, Hero Electric has launched 15 electric two-wheelers in India.
With 45 per cent share of the country’s electric two-wheeler market, the company leads India’s electric mobility revolution.