Hero Electric raised Rs 220 Cr from GII and OAKS
India’s leading electric vehicles manufacturer Hero Electric has raised Rs 220 crore in its Series B round of funding led by UAE’s Gulf Islamic Investments (GII). The company is going to invest Rs 700 crore by 2025 for the expansion of its business including establishing a new manufacturing unit with an annual capacity of 10 lakh units and increases its current plant in Ludhiana to 3 lakh units per annum from 75,000 units at present.
It aims to sell around 10 lakh units a year by 2025-26. It is also preparing for research and development (R&D), marketing, dealer network expansion, supply chain and charging stations for the growth of its electric two-wheelers. Naveen Munjal, managing director of Hero Electric said that “Hero aims to sell over one million units every year over the next couple of years.”
Hero Electric two-wheelers sales went to top in FY2020-2021
Recently, electric vehicle two-wheelers manufacturer Hero Electric has announced its sales of over 50,000 in FY2020-2021 which made the company in the top list in the segment. The company had announced its sales network that has reached over 600 touchpoints covering 500 cities and towns all over India.
It had sold 4,900 units of electric scooters during the lockdown. Through online only it had sold over 3,546 units of electric scooters. Through its 380 dealerships, it had sold 1,400 units.
Euler Motors & BLive EV startups raised Series A funding
An electric vehicle startup Euler Motors announced that it has closed its Series A funding round at $9.5 million, with an additional investment of $2.6 million raised from new investor ADB Ventures.
Also, read related article: Hero electric bicycle Renew
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