October 26, 2020

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Hero MotoCorp Chairman & MD invests $1Mn in Ola Electric Mobility

Hero MotoCorp

Hero MotoCorp Chairman & MD invests

$1Mn in Ola Electric Mobility

The Hero MotoCorp Chairman and Managing Director (MD), Pawan Munjal invested about $1 million in Ola Electric Mobility through his family trust.

Hero MotoCorp Chairman & MD invests $1Mn

The Pawan Munjal is one of the foremost global corporate leaders and his Family Trust has been allotted a total of 18 preferences shares valuing each at a premium of Rs 39,87,608 and face value of Rs 10. Since a few months, the Ola electric mobility has been fundraising. It has raised funds from SoftBank and automakers Hyundai and Kia.

Ola electric mobility is running its pilot project in Nagpur, Gurugram and Bengaluru. Its competitor Uber is said to be planning to increase its electric fleet all over India.

Hero MotoCorp was also recently in news because of its electric concept “2 in 1” model which comes under the Hero MotoCorp’s Hero Hatch Electric Modular Mobility. The interesting thing about this electric vehicle is that it can be used interchangeably as both two-wheeler and a three-wheeler and is for personal and commercial operations including e-commerce and deliveries as per the Motor Vehicles Act L5 for three-wheelers and L2 for two-wheelers.

Related: Top 10 upcoming electric scooters in India 2020

It is also in talks due to its recent announcement that it is making an electric scooter based on its popular Maestro range vehicle. The Hero Maestro electric scooter is still in the concept stage and its official debut is still to happen. The Maestro electric scooter is expected to cost under 1 lakh rupees. 

eMaestro will have a permanent-magnet motor coupled to a lithium battery. It will also get cloud connectivity however it will be not a major breakthrough in the Indian EV space but it will be a well-rounded product for the price, it will be an affordable EV.

It has also announced that it plans to invest up to Rs 10,000 crore in the next 5-7 years. The investment will be made for new products, alternate mobility solutions, manufacturing facilities, network and brand building, research and development, etc. The investment also includes electric vehicles. The company aims to become a market leader in India and also to make strong its presence overseas.

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Mastered my Journalism and entered into writing for Electric vehicles sector. I am a regular writer and EV enthusiast. I love to write about electric vehicles, technology, startups, people, fashion and trends. My aim is to make India pollution-free by sharing knowledge through my writings.

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