Moneycontrol

Budget 2023Budget 2023

PARTNERS

  • Tata AIA Life Insurance
  • Hafele
  • Motilal Oswal
Upcoming Event : LeapToUnicorn - mentoring, networking and fundraising for startups. Register now
Budget 2023
Budget 2023
you are here: HomeNewsBusiness

Hero Electric aims to raise fresh funds of $200-$300 million; looking to tap PE funds

Hero Electric counts the likes of Ola Electric, Hero MotoCorp-backed Ather Energy, Okinawa, Simple Energy, TVS Motors and Bajaj Auto as its peers. In October, the firm reported a multi-fold increase in sales of high-speed scooters at 6,366 units. It sold 314 units in the same month last year, with aggregate sales for the ongoing fiscal reaching 50,331 units until October.

December 04, 2021 / 07:42 PM IST
In June, Hero Electric raised around $30 million from Gulf Islamic Investments and existing investor OAKS Asset Management (formerly Alpha Capital).

In June, Hero Electric raised around $30 million from Gulf Islamic Investments and existing investor OAKS Asset Management (formerly Alpha Capital).

Six months after closing the first part of its Series B funding round, India’s largest electric two-wheeler maker Hero Electric is evaluating plans to raise fresh capital as demand soars in a booming EV market, multiple industry sources in the know told Moneycontrol.

“This time around, they are targeting a bigger amount and are exploring options to raise up to $200 million or anywhere between $200 million and $300 million. The proceeds will go towards capacity building, product development and marketing costs,” said one of the persons cited above.

This person said the plans are not imminent and it was unclear when the firm would hit the market again.

In June, Hero Electric raised around $30 million from Gulf Islamic Investments and existing investor OAKS Asset Management (formerly Alpha Capital). Back then, the firm had said the funding would be used to expand its production capacity, consolidate its position in the market, invest in new technologies and enhance its footprint across markets like India.