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.