Delhi-basef electric two-wheeler manufacturer, Hero Electric on Tuesday said it has raised Rs 160 crore from Alpha Capital Advisors, a Mumbai-based investment management firm.  With this investment, Alpha Capital Advisors gets a significant minority stake in the automaker.

“This fund infusion will help us diversify our product portfolio, acquire new technology and focus on strengthening our research and development capabilities to achieve a certain rate of localisation. Progress in all these areas will help accelerate Hero Electric’s already robust growth," Naveen Munjal, Managing Director, Hero Electric, said.

To achieve the vision of exponential growth and to double sales every year, the company plans to make significant additions to its manufacturing capacity by setting up multiple plants over the next five years. It will also focus on India-centric, flexible and cost-effective innovations that will drive the growth of electric mobility, the company said.

Hero Electric unveiled a line-up of its global products in India and transitioned its entire product portfolio to lithium-ion battery-powered two-wheelers this year. It now plans to launch more key products in a phased manner.

Over the past decade, Hero Electric has launched 15 electric two-wheelers in India. With 45 per cent share of the country’s electric two-wheeler market, the company leads India’s electric mobility revolution.

 

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