- Hero Electric receives Rs 220 crore series B funding
- Will be used to expand production capacity
- Will also fun future technologies
Hero Electric has received a funding of Rs 220 crore as a part of its series B funding. This investment will be used by the company to expand its production capacity along with investing in new technologies.
This big funding was led by Gulf Islamic Investments and the company will also use the money to expand its footprints across India and also consolidate its leadership position. The company claims that it plans to setup multiple plants in India that will help it double its sales over the next few years.
Currently, Hero Electric sells a range of electric scooters, with some of them being manufactured in India and a few are assembled in the country with parts coming in from China. This EV brand currently sells low-cost and mid-spec EV’s in the country. It still doesn’t have a single high-speed premium electric scooter after doing business in India for decades.
