- Hero Electric will be utilising the fund to strengthen its R&D division
- It is planning to set up various news facilities across India
- The company has 45 per cent market share in the electric scooter segment
Hero Electric raised investment of 160 crores from Alpha Capital Advisors which is an investment management company based in Mumbai. The electric bike maker will be utilising the fund for expanding its product portfolio. It will focus on localising its research and development division by implementing modern technology with this investment.
Hero Electric is eyeing at enhancing its manufacturing capacity by setting up various new plants over the next five years. With this, it is expecting to see its sales double in the subsequent years. Currently, Hero Electric holds 45 per cent share in India’s electric scooter market.
The company has now been focusing on equipping its scooters with lithium-ion batteries which provide better range, performance and lower charging. It had showcased eight concept models at this year’s Auto Expo. Its current portfolio consists of five scooters namely Hero Electric Flash, Optima Plus, NYX, Photon and the Cruz Li.
