Hero Electric manufactures electric two-wheelers and operates a nationwide sales and service network in India. The company plans to expand production capacity by setting up multiple plants over the next couple of years and to invest in India-centric, flexible, and cost-effective innovations. It intends to increase R&D spending and launch new products to support its goal of doubling sales every year and driving electric mobility adoption. Management says the company is poised to grow at over 2X from the last fiscal and aims to sell over 1 million units per year in the next couple of years. Current operating metrics cited include over 700 sales and service touchpoints and more than 3.5 lakh (350,000+) electric two-wheelers in India. The company will use new capital to consolidate market position, grow its footprint across India-like markets, and invest in futuristic technology.

Total raised

$30M

Funding rounds

1

Latest round

Series B

Latest activity

Jul 2021