Hero Electric has recently received a massive $29 million (Rs 220 cr) funding round. Thought to be the most significant investment in an electric two-wheeler company ever.
The investment arrived from the Gulf Islamic Investments, as well as its existing partner, OAKS.
Hero Electric plans to expand into selling more than ten million electric two-wheelers per year with fresh funding.
The Indian scooter company intends to use the additional capital to expand its manufacturing capabilities. And product line.
Talking to Bikedekho, Hero electric’s CEO Sohinder Singh Gill says. That these funds will be used to build upon the company’s solid foundation and propel them forward.
Recently, the government of India has come up with policies to make the country rely less on fossil fuels. And more on renewable energy.
This is why manufacturers have been switching to clean energy vehicles such as electric scooters and bikes. And notable among them are OLA, Ather, who is leading the bandwagon.
via Forbes India