$viewFile = '/home/q6q2vhgk77o3/public_html/app/View/Layouts/site_default.ctp' $dataForView = array( 'data' => array( 'PressRelease' => array( 'id' => '4022', 'company_id' => '0', 'staff_user_id' => '1', 'admin_user_id' => '1', 'submitted_by' => 'admin', 'plan_id' => '1', 'title' => 'Hero Electric raises growth capital of Rs.220 crores from GII and existing investor OAKS, announces its ambition of reaching its’ target of 1 million units!', 'slug' => '4189-hero-electric-raises-growth-capital-of-rs-220-crores-from-gii-and-existing-investor-oaks-announces-its-ambition-of-reaching-its-target-of-1-million-units.html', 'summary' => '● Expand production capacity and consolidate market position to maintain leadership with 1 million EVs in the next few years ● Invest in new technologies to further strengthen plants and make them futuristic forward ● Strengthen new product development ', 'body' => '<p><strong>India:</strong> Hero Electric Vehicles Pvt. Ltd., India’s largest electric vehicles maker backed by six decades of the Hero legacy, today announced the first part of their Series B funding of Rs.220 crores. Gulf Islamic Investments (GII) led the round along with participation from OAKS. The company will direct this investment towards the objective of further supporting the EV industry and ecosystem. Avendus Capital was the exclusive financial advisor to Hero Electric on the transaction.</p> <p>The electric 2-wheeler market leader will allocate this investment towards expanding production capacity, consolidating market position to strengthen market leadership, invest in futuristic technology and grow footprint across India like markets. To achieve the vision of exponential growth and double sales every year, the company plans to make significant additions to its manufacturing capacity by setting up multiple plants over the next couple of years. It will also focus on India-centric, flexible, and cost-effective innovations that will drive the growth of electric mobility which is in line with making India the EV hub of the world.</p> <p><em>“The Electric vehicles market has undergone tremendous change over the last few years since we raised our first round of funding. The policies are extremely conducive for the growth of the segment and despite the pandemic, the company is poised to grow at over 2X from the last fiscal. Hero aims to sell over 1 million units per year in the next couple of years. This round of investments which is a first of a larger scheme will help expand our manufacturing capacities, increase R&D spends that will enable us to continue to launch innovative products to disrupt the category. Hero is committed to its mission of – No Emission and build a sustainable future that is electric”</em> <strong>said,</strong> <strong>Mr. Naveen Munjal, Managing Director, Hero Electric.</strong></p> <p>Adding to this, <strong>Mr. Sohinder Gill, CEO Hero Electric said,</strong> <em>“Hero Electric since its inception in 2007 has worked tirelessly to further build the legacy of the brand Hero by journeying to electric. As market leaders, Hero has seen an upward trajectory that will see tremendous growth in the coming years thanks to the support and initiatives taken by Central and State governments. With this round of initial funding in this series we enhance our market position while maintaining leadership with innovative product offerings for the diverse and demanding customer of today.”</em></p> <p><strong>Mr. Pankaj Gupta, Founding Partner and Co-CEO of GII</strong> commented, <em>“We are delighted to be a part of the growth journey of India’s market-leading electric vehicles pioneer - Hero Electric - through our latest round of investments under India Growth Portfolio II. As a sustainability conscious and visionary investor, GII has observed the growing role of electric vehicles in mitigating environmental pollution and the opportunities it presents in India, one of the world’s most populous countries and an important investment destination in the firm’s global strategy. Hero Electric has established itself as a champion in the country’s electric vehicles segment and is exceptionally well positioned to achieve multi-fold growth in the coming years. We’re excited to partner with Sohinder, Naveen and their world-class management team to continue to accelerate their impressive growth trajectory and positively impact the widespread adoption of electric vehicles in India.”</em></p> <p><strong>Vishal Ootam, Founder & CEO of OAKS added</strong>, <em>“We have been tracking this sector in India & globally are very excited to have partnered with Hero Electric who are the clear market leaders in this space.  We believe that over the next few years, the Electric vehicles market is going to grow exponentially. Our belief is that this investment round will put the brand Hero firmly in a leadership position. Hero is poised to grow multi-fold over the next few years, and we are only happy to be part of this growth story.”</em></p> <p>V’Ocean Investments has been advised by OAKS Asset Management Pvt. Ltd. (OAKS) on the investment.</p> <p>Hero Electric over the last 14 years has paved way for the EV industry by growing the ecosystem and infrastructure, offering best in category vehicles with affordable pricing to drive adoption. The company has till date reskilled 6,000 mechanics across India and has been able to empower their network to address consumer dilemmas related to EVs. As market leaders with 35% share and over 3.5 lakh vehicles across the country, the company had in its last fiscal hit record numbers in sales surpassing pre-COVID levels. This interim investment, part of a larger plan is a reaffirmation of the company’s commitment to serve the nation with a green future!</p> <p>Over the past decade, Hero Electric has launched over 15 electric two-wheelers in India. 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} #PressReleaseform .action-button { width: 100px; background: #27AE60; font-weight: bold; color: white; border: 0 none; border-radius: 1px; cursor: pointer; padding: 10px 5px; margin: 10px 5px; } #PressReleaseform .action-button:hover, #PressReleaseform .action-button:focus { box-shadow: 0 0 0 2px white, 0 0 0 3px #27AE60; } .primageslider{ border:none !important; } .lSSlideOuter .lSPager.lSGallery{ display:none !important; } img{margin:0 1% 0 1%;} </style> <div id="main-content" class="row single-post"> <div id="content" class="col-lg-12 content"> <div class="panel panel-default"> <div class="panel-body" style="width:100%;" > <div class="box"> <h1 class="box-title">Hero Electric raises growth capital of Rs.220 crores from GII and existing investor OAKS, announces its ambition of reaching its’ target of 1 million units!</h1> <div class="row"> <div class="col-sm-6 company-dtails"> <div id="prev_company_name" class="ew-compnay float-left"> </div> <div class="ew-date-sm"> Posted On Tue, July 13, 2021, 3:39 PM </div> </div> <div class="full ew-pr-social margin-bottom20 col-sm-6"> <ul class='sharelinks'><li class='ew-date-sm'>Share this article </li><li class='ew-facebook'><a target='_blank' id='prev-facebook' rel='nofollow' href='https://www.facebook.com/sharer.php?u=https://easypresswire.com/release/4189-hero-electric-raises-growth-capital-of-rs-220-crores-from-gii-and-existing-investor-oaks-announces-its-ambition-of-reaching-its-target-of-1-million-units.html'></a></li><li class='ew-linkedin'><a target='_blank' rel='nofollow' href='https://www.linkedin.com/shareArticle?mini=true&url=https://easypresswire.com/release/4189-hero-electric-raises-growth-capital-of-rs-220-crores-from-gii-and-existing-investor-oaks-announces-its-ambition-of-reaching-its-target-of-1-million-units.html&title=Hero Electric raises growth capital of Rs.220 crores from GII and existing investor OAKS, announces its ambition of reaching its’ target of 1 million units!&source=● Expand production capacity and consolidate market position to maintain leadership with 1 million EVs in the next few years ● Invest in new technologies to further strengthen plants and make them futuristic forward ● Strengthen new product development ' title='Share to LinkedIn' ></a></li><li class='ew-twitter'><a target='_blank' href='https://twitter.com/share?text=Hero Electric raises growth capital of Rs.220 crores from GII and existing investor OAKS, announces its ambition of reaching its’ target of 1 million units!&url=https://easypresswire.com/release/4189-hero-electric-raises-growth-capital-of-rs-220-crores-from-gii-and-existing-investor-oaks-announces-its-ambition-of-reaching-its-target-of-1-million-units.html&via=easypresswire' onclick='window.open(this.href, 'targetWindow', 'toolbars=0,location=0,status=0,menubar=0,scrollbars=1,resizable=1,width=640,height=320,left=200,top=200'); 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'' : 'none');"><b>Warning</b> (2)</a>: getimagesize(): Filename cannot be empty [<b>APP/View/Helper/PostHelper.php</b>, line <b>318</b>]<div id="cakeErr62c05266dcde7-trace" class="cake-stack-trace" style="display: none;"><a href="javascript:void(0);" onclick="document.getElementById('cakeErr62c05266dcde7-code').style.display = (document.getElementById('cakeErr62c05266dcde7-code').style.display == 'none' ? '' : 'none')">Code</a> <a href="javascript:void(0);" onclick="document.getElementById('cakeErr62c05266dcde7-context').style.display = (document.getElementById('cakeErr62c05266dcde7-context').style.display == 'none' ? '' : 'none')">Context</a><pre id="cakeErr62c05266dcde7-code" class="cake-code-dump" style="display: none;"><code><span style="color: #000000"><span style="color: #0000BB">    </span><span style="color: #007700">public function </span><span style="color: #0000BB">resizeSliderThumb</span><span style="color: #007700">(</span><span style="color: #0000BB">$postid</span><span style="color: #007700">,</span><span style="color: #0000BB">$image_name</span><span style="color: #007700">,</span><span style="color: #0000BB">$imageUrl</span><span style="color: #007700">,</span><span style="color: #0000BB">$width</span><span style="color: #007700">=</span><span style="color: #DD0000">'255'</span><span style="color: #007700">,</span><span style="color: #0000BB">$height</span><span style="color: #007700">=</span><span style="color: #DD0000">"226"</span><span style="color: #007700">){</span></span></code> <code><span style="color: #000000"><span style="color: #0000BB">        $fileUrl</span><span style="color: #007700">=</span><span style="color: #0000BB">str_replace</span><span style="color: #007700">(</span><span style="color: #0000BB">SITEURL</span><span style="color: #007700">,</span><span style="color: #0000BB">WWW_ROOT</span><span style="color: #007700">, </span><span style="color: #0000BB">$imageUrl</span><span style="color: #007700">);</span></span></code> <span class="code-highlight"><code><span style="color: #000000"><span style="color: #0000BB">        </span><span style="color: #007700">list(</span><span style="color: #0000BB">$imageWidth</span><span style="color: #007700">, </span><span style="color: #0000BB">$imageHeight</span><span style="color: #007700">) = </span><span style="color: #0000BB">getimagesize</span><span style="color: #007700">(</span><span style="color: #0000BB">$fileUrl</span><span style="color: #007700">);</span></span></code></span></pre><pre id="cakeErr62c05266dcde7-context" class="cake-context" style="display: none;">$postid = '3224' $image_name = '60ed67d17d475.png' $imageUrl = '' $width = (int) 200 $height = (int) 200 $fileUrl = ''</pre><pre class="stack-trace">getimagesize - [internal], line ?? 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'' : 'none')">Context</a><pre id="cakeErr62c05266dd076-code" class="cake-code-dump" style="display: none;"><code><span style="color: #000000"><span style="color: #0000BB">    </span><span style="color: #007700">public function </span><span style="color: #0000BB">resizeSliderImage</span><span style="color: #007700">(</span><span style="color: #0000BB">$postid</span><span style="color: #007700">,</span><span style="color: #0000BB">$image_name</span><span style="color: #007700">,</span><span style="color: #0000BB">$imageUrl</span><span style="color: #007700">,</span><span style="color: #0000BB">$width</span><span style="color: #007700">=</span><span style="color: #DD0000">'255'</span><span style="color: #007700">,</span><span style="color: #0000BB">$height</span><span style="color: #007700">=</span><span style="color: #DD0000">""</span><span style="color: #007700">,</span><span style="color: #0000BB">$quality</span><span style="color: #007700">=</span><span style="color: #DD0000">'80'</span><span style="color: #007700">){</span></span></code> <code><span style="color: #000000"><span style="color: #0000BB">        $fileUrl</span><span style="color: #007700">=</span><span style="color: #0000BB">str_replace</span><span style="color: #007700">(</span><span style="color: #0000BB">SITEURL</span><span style="color: #007700">,</span><span style="color: #0000BB">WWW_ROOT</span><span style="color: #007700">, </span><span style="color: #0000BB">$imageUrl</span><span style="color: #007700">);</span></span></code> <span class="code-highlight"><code><span style="color: #000000"><span style="color: #0000BB">        </span><span style="color: #007700">list(</span><span style="color: #0000BB">$imageWidth</span><span style="color: #007700">, </span><span style="color: #0000BB">$imageHeight</span><span style="color: #007700">) = </span><span style="color: #0000BB">getimagesize</span><span style="color: #007700">(</span><span style="color: #0000BB">$fileUrl</span><span style="color: #007700">);</span></span></code></span></pre><pre id="cakeErr62c05266dd076-context" class="cake-context" style="display: none;">$postid = '3224' $image_name = '60ed67d17d475.png' $imageUrl = '' $width = (int) 1024 $height = '' $quality = '80' $fileUrl = ''</pre><pre class="stack-trace">getimagesize - [internal], line ?? PostHelper::resizeSliderImage() - APP/View/Helper/PostHelper.php, line 336 include - APP/View/Releases/release.ctp, line 91 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 119</pre></div></pre><a class='lightitem mainimg' data-sub-html='' data-thumb='' data-src=''><img title="" alt="" src="" class="3224"><p></p></a></div> </div> <a class="propensliderpop" href="javascript:void(0)" onclick="opensliderpop();"></a> </div> <p><strong>India:</strong> Hero Electric Vehicles Pvt. Ltd., India’s largest electric vehicles maker backed by six decades of the Hero legacy, today announced the first part of their Series B funding of Rs.220 crores. Gulf Islamic Investments (GII) led the round along with participation from OAKS. The company will direct this investment towards the objective of further supporting the EV industry and ecosystem. Avendus Capital was the exclusive financial advisor to Hero Electric on the transaction.</p> <p>The electric 2-wheeler market leader will allocate this investment towards expanding production capacity, consolidating market position to strengthen market leadership, invest in futuristic technology and grow footprint across India like markets. To achieve the vision of exponential growth and double sales every year, the company plans to make significant additions to its manufacturing capacity by setting up multiple plants over the next couple of years. It will also focus on India-centric, flexible, and cost-effective innovations that will drive the growth of electric mobility which is in line with making India the EV hub of the world.</p> <p><em>“The Electric vehicles market has undergone tremendous change over the last few years since we raised our first round of funding. The policies are extremely conducive for the growth of the segment and despite the pandemic, the company is poised to grow at over 2X from the last fiscal. Hero aims to sell over 1 million units per year in the next couple of years. This round of investments which is a first of a larger scheme will help expand our manufacturing capacities, increase R&D spends that will enable us to continue to launch innovative products to disrupt the category. Hero is committed to its mission of – No Emission and build a sustainable future that is electric”</em> <strong>said,</strong> <strong>Mr. Naveen Munjal, Managing Director, Hero Electric.</strong></p> <p>Adding to this, <strong>Mr. Sohinder Gill, CEO Hero Electric said,</strong> <em>“Hero Electric since its inception in 2007 has worked tirelessly to further build the legacy of the brand Hero by journeying to electric. As market leaders, Hero has seen an upward trajectory that will see tremendous growth in the coming years thanks to the support and initiatives taken by Central and State governments. With this round of initial funding in this series we enhance our market position while maintaining leadership with innovative product offerings for the diverse and demanding customer of today.”</em></p> <p><strong>Mr. Pankaj Gupta, Founding Partner and Co-CEO of GII</strong> commented, <em>“We are delighted to be a part of the growth journey of India’s market-leading electric vehicles pioneer - Hero Electric - through our latest round of investments under India Growth Portfolio II. As a sustainability conscious and visionary investor, GII has observed the growing role of electric vehicles in mitigating environmental pollution and the opportunities it presents in India, one of the world’s most populous countries and an important investment destination in the firm’s global strategy. Hero Electric has established itself as a champion in the country’s electric vehicles segment and is exceptionally well positioned to achieve multi-fold growth in the coming years. We’re excited to partner with Sohinder, Naveen and their world-class management team to continue to accelerate their impressive growth trajectory and positively impact the widespread adoption of electric vehicles in India.”</em></p> <p><strong>Vishal Ootam, Founder & CEO of OAKS added</strong>, <em>“We have been tracking this sector in India & globally are very excited to have partnered with Hero Electric who are the clear market leaders in this space.  We believe that over the next few years, the Electric vehicles market is going to grow exponentially. Our belief is that this investment round will put the brand Hero firmly in a leadership position. Hero is poised to grow multi-fold over the next few years, and we are only happy to be part of this growth story.”</em></p> <p>V’Ocean Investments has been advised by OAKS Asset Management Pvt. Ltd. (OAKS) on the investment.</p> <p>Hero Electric over the last 14 years has paved way for the EV industry by growing the ecosystem and infrastructure, offering best in category vehicles with affordable pricing to drive adoption. The company has till date reskilled 6,000 mechanics across India and has been able to empower their network to address consumer dilemmas related to EVs. As market leaders with 35% share and over 3.5 lakh vehicles across the country, the company had in its last fiscal hit record numbers in sales surpassing pre-COVID levels. This interim investment, part of a larger plan is a reaffirmation of the company’s commitment to serve the nation with a green future!</p> <p>Over the past decade, Hero Electric has launched over 15 electric two-wheelers in India. 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} }); }); /* $('#primgslider').owlCarousel({ loop:false, margin:0, nav:true, items:1, autoplay:true, autoHeight:true, autoplayTimeout:2000, autoplayHoverPause:true }); */ </script> <script type="text/javascript"> $('#yvideoslider, #poadcastslider').owlCarousel({ loop:false, margin:0, nav:true, items:1, autoplay:false, autoplayHoverPause:true }); </script> <style> #tags a{ text-decoration:none; color:#000; background: #dfdfdf; display: inline-block; padding: 5px 10px; font-size: 15px; margin: 0 2px 5px 2px; } #tags a:hover{ text-decoration:none; color:#fff; background: grey; display: inline-block; padding: 5px 10px; font-size: 15px; margin: 0 2px 5px 2px; } .ew-pr-social{padding-right:4% !important;} </style>', 'scripts_for_layout' => '' ) $data = array( 'PressRelease' => array( 'id' => '4022', 'company_id' => '0', 'staff_user_id' => '1', 'admin_user_id' => '1', 'submitted_by' => 'admin', 'plan_id' => '1', 'title' => 'Hero Electric raises growth capital of Rs.220 crores from GII and existing investor OAKS, announces its ambition of reaching its’ target of 1 million units!', 'slug' => '4189-hero-electric-raises-growth-capital-of-rs-220-crores-from-gii-and-existing-investor-oaks-announces-its-ambition-of-reaching-its-target-of-1-million-units.html', 'summary' => '● Expand production capacity and consolidate market position to maintain leadership with 1 million EVs in the next few years ● Invest in new technologies to further strengthen plants and make them futuristic forward ● Strengthen new product development ', 'body' => '<p><strong>India:</strong> Hero Electric Vehicles Pvt. Ltd., India’s largest electric vehicles maker backed by six decades of the Hero legacy, today announced the first part of their Series B funding of Rs.220 crores. Gulf Islamic Investments (GII) led the round along with participation from OAKS. The company will direct this investment towards the objective of further supporting the EV industry and ecosystem. Avendus Capital was the exclusive financial advisor to Hero Electric on the transaction.</p> <p>The electric 2-wheeler market leader will allocate this investment towards expanding production capacity, consolidating market position to strengthen market leadership, invest in futuristic technology and grow footprint across India like markets. To achieve the vision of exponential growth and double sales every year, the company plans to make significant additions to its manufacturing capacity by setting up multiple plants over the next couple of years. It will also focus on India-centric, flexible, and cost-effective innovations that will drive the growth of electric mobility which is in line with making India the EV hub of the world.</p> <p><em>“The Electric vehicles market has undergone tremendous change over the last few years since we raised our first round of funding. The policies are extremely conducive for the growth of the segment and despite the pandemic, the company is poised to grow at over 2X from the last fiscal. Hero aims to sell over 1 million units per year in the next couple of years. This round of investments which is a first of a larger scheme will help expand our manufacturing capacities, increase R&D spends that will enable us to continue to launch innovative products to disrupt the category. Hero is committed to its mission of – No Emission and build a sustainable future that is electric”</em> <strong>said,</strong> <strong>Mr. Naveen Munjal, Managing Director, Hero Electric.</strong></p> <p>Adding to this, <strong>Mr. Sohinder Gill, CEO Hero Electric said,</strong> <em>“Hero Electric since its inception in 2007 has worked tirelessly to further build the legacy of the brand Hero by journeying to electric. As market leaders, Hero has seen an upward trajectory that will see tremendous growth in the coming years thanks to the support and initiatives taken by Central and State governments. With this round of initial funding in this series we enhance our market position while maintaining leadership with innovative product offerings for the diverse and demanding customer of today.”</em></p> <p><strong>Mr. Pankaj Gupta, Founding Partner and Co-CEO of GII</strong> commented, <em>“We are delighted to be a part of the growth journey of India’s market-leading electric vehicles pioneer - Hero Electric - through our latest round of investments under India Growth Portfolio II. As a sustainability conscious and visionary investor, GII has observed the growing role of electric vehicles in mitigating environmental pollution and the opportunities it presents in India, one of the world’s most populous countries and an important investment destination in the firm’s global strategy. Hero Electric has established itself as a champion in the country’s electric vehicles segment and is exceptionally well positioned to achieve multi-fold growth in the coming years. We’re excited to partner with Sohinder, Naveen and their world-class management team to continue to accelerate their impressive growth trajectory and positively impact the widespread adoption of electric vehicles in India.”</em></p> <p><strong>Vishal Ootam, Founder & CEO of OAKS added</strong>, <em>“We have been tracking this sector in India & globally are very excited to have partnered with Hero Electric who are the clear market leaders in this space.  We believe that over the next few years, the Electric vehicles market is going to grow exponentially. Our belief is that this investment round will put the brand Hero firmly in a leadership position. Hero is poised to grow multi-fold over the next few years, and we are only happy to be part of this growth story.”</em></p> <p>V’Ocean Investments has been advised by OAKS Asset Management Pvt. Ltd. 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'' : 'none');"><b>Warning</b> (2)</a>: getimagesize(): Filename cannot be empty [<b>APP/View/Helper/PostHelper.php</b>, line <b>318</b>]<div id="cakeErr62c05266dcde7-trace" class="cake-stack-trace" style="display: none;"><a href="javascript:void(0);" onclick="document.getElementById('cakeErr62c05266dcde7-code').style.display = (document.getElementById('cakeErr62c05266dcde7-code').style.display == 'none' ? '' : 'none')">Code</a> <a href="javascript:void(0);" onclick="document.getElementById('cakeErr62c05266dcde7-context').style.display = (document.getElementById('cakeErr62c05266dcde7-context').style.display == 'none' ? '' : 'none')">Context</a><pre id="cakeErr62c05266dcde7-code" class="cake-code-dump" style="display: none;"><code><span style="color: #000000"><span style="color: #0000BB">    </span><span style="color: #007700">public function </span><span style="color: #0000BB">resizeSliderThumb</span><span style="color: #007700">(</span><span style="color: #0000BB">$postid</span><span style="color: #007700">,</span><span style="color: #0000BB">$image_name</span><span style="color: #007700">,</span><span style="color: #0000BB">$imageUrl</span><span style="color: #007700">,</span><span style="color: #0000BB">$width</span><span style="color: #007700">=</span><span style="color: #DD0000">'255'</span><span style="color: #007700">,</span><span style="color: #0000BB">$height</span><span style="color: #007700">=</span><span style="color: #DD0000">"226"</span><span style="color: #007700">){</span></span></code> <code><span style="color: #000000"><span style="color: #0000BB">        $fileUrl</span><span style="color: #007700">=</span><span style="color: #0000BB">str_replace</span><span style="color: #007700">(</span><span style="color: #0000BB">SITEURL</span><span style="color: #007700">,</span><span style="color: #0000BB">WWW_ROOT</span><span style="color: #007700">, </span><span style="color: #0000BB">$imageUrl</span><span style="color: #007700">);</span></span></code> <span class="code-highlight"><code><span style="color: #000000"><span style="color: #0000BB">        </span><span style="color: #007700">list(</span><span style="color: #0000BB">$imageWidth</span><span style="color: #007700">, </span><span style="color: #0000BB">$imageHeight</span><span style="color: #007700">) = </span><span style="color: #0000BB">getimagesize</span><span style="color: #007700">(</span><span style="color: #0000BB">$fileUrl</span><span style="color: #007700">);</span></span></code></span></pre><pre id="cakeErr62c05266dcde7-context" class="cake-context" style="display: none;">$postid = '3224' $image_name = '60ed67d17d475.png' $imageUrl = '' $width = (int) 200 $height = (int) 200 $fileUrl = ''</pre><pre class="stack-trace">getimagesize - [internal], line ?? PostHelper::resizeSliderThumb() - APP/View/Helper/PostHelper.php, line 318 include - APP/View/Releases/release.ctp, line 90 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 119</pre></div></pre><pre class="cake-error"><a href="javascript:void(0);" onclick="document.getElementById('cakeErr62c05266dd076-trace').style.display = (document.getElementById('cakeErr62c05266dd076-trace').style.display == 'none' ? 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PostHelper::resizeSliderImage() - APP/View/Helper/PostHelper.php, line 336 include - APP/View/Releases/release.ctp, line 91 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 119</pre></div></pre><a class='lightitem mainimg' data-sub-html='' data-thumb='' data-src=''><img title="" alt="" src="" class="3224"><p></p></a></div> </div> <a class="propensliderpop" href="javascript:void(0)" onclick="opensliderpop();"></a> </div> <p><strong>India:</strong> Hero Electric Vehicles Pvt. Ltd., India’s largest electric vehicles maker backed by six decades of the Hero legacy, today announced the first part of their Series B funding of Rs.220 crores. Gulf Islamic Investments (GII) led the round along with participation from OAKS. The company will direct this investment towards the objective of further supporting the EV industry and ecosystem. Avendus Capital was the exclusive financial advisor to Hero Electric on the transaction.</p> <p>The electric 2-wheeler market leader will allocate this investment towards expanding production capacity, consolidating market position to strengthen market leadership, invest in futuristic technology and grow footprint across India like markets. To achieve the vision of exponential growth and double sales every year, the company plans to make significant additions to its manufacturing capacity by setting up multiple plants over the next couple of years. It will also focus on India-centric, flexible, and cost-effective innovations that will drive the growth of electric mobility which is in line with making India the EV hub of the world.</p> <p><em>“The Electric vehicles market has undergone tremendous change over the last few years since we raised our first round of funding. The policies are extremely conducive for the growth of the segment and despite the pandemic, the company is poised to grow at over 2X from the last fiscal. Hero aims to sell over 1 million units per year in the next couple of years. This round of investments which is a first of a larger scheme will help expand our manufacturing capacities, increase R&D spends that will enable us to continue to launch innovative products to disrupt the category. Hero is committed to its mission of – No Emission and build a sustainable future that is electric”</em> <strong>said,</strong> <strong>Mr. Naveen Munjal, Managing Director, Hero Electric.</strong></p> <p>Adding to this, <strong>Mr. Sohinder Gill, CEO Hero Electric said,</strong> <em>“Hero Electric since its inception in 2007 has worked tirelessly to further build the legacy of the brand Hero by journeying to electric. As market leaders, Hero has seen an upward trajectory that will see tremendous growth in the coming years thanks to the support and initiatives taken by Central and State governments. With this round of initial funding in this series we enhance our market position while maintaining leadership with innovative product offerings for the diverse and demanding customer of today.”</em></p> <p><strong>Mr. Pankaj Gupta, Founding Partner and Co-CEO of GII</strong> commented, <em>“We are delighted to be a part of the growth journey of India’s market-leading electric vehicles pioneer - Hero Electric - through our latest round of investments under India Growth Portfolio II. As a sustainability conscious and visionary investor, GII has observed the growing role of electric vehicles in mitigating environmental pollution and the opportunities it presents in India, one of the world’s most populous countries and an important investment destination in the firm’s global strategy. Hero Electric has established itself as a champion in the country’s electric vehicles segment and is exceptionally well positioned to achieve multi-fold growth in the coming years. We’re excited to partner with Sohinder, Naveen and their world-class management team to continue to accelerate their impressive growth trajectory and positively impact the widespread adoption of electric vehicles in India.”</em></p> <p><strong>Vishal Ootam, Founder & CEO of OAKS added</strong>, <em>“We have been tracking this sector in India & globally are very excited to have partnered with Hero Electric who are the clear market leaders in this space.  We believe that over the next few years, the Electric vehicles market is going to grow exponentially. Our belief is that this investment round will put the brand Hero firmly in a leadership position. Hero is poised to grow multi-fold over the next few years, and we are only happy to be part of this growth story.”</em></p> <p>V’Ocean Investments has been advised by OAKS Asset Management Pvt. Ltd. (OAKS) on the investment.</p> <p>Hero Electric over the last 14 years has paved way for the EV industry by growing the ecosystem and infrastructure, offering best in category vehicles with affordable pricing to drive adoption. The company has till date reskilled 6,000 mechanics across India and has been able to empower their network to address consumer dilemmas related to EVs. As market leaders with 35% share and over 3.5 lakh vehicles across the country, the company had in its last fiscal hit record numbers in sales surpassing pre-COVID levels. This interim investment, part of a larger plan is a reaffirmation of the company’s commitment to serve the nation with a green future!</p> <p>Over the past decade, Hero Electric has launched over 15 electric two-wheelers in India. The company’s best-selling scooters, in the “City Speed” segment have now become the go to bikes for the retail customer and also for the B2B segment across the country.</p> <div class="row" id="youtube_podcast"> </div> <br> </p> <div id="keywords_section"> This press release is posted under categories <a target="_blank" style="text-decoration:none;color:#212529" href="https://easypresswire.com/category/india"><i><u>India</u></i></a>, <a target="_blank" style="text-decoration:none;color:#212529" href="https://easypresswire.com/category/business"><i><u>Business</u></i></a>, <a target="_blank" style="text-decoration:none;color:#212529" href="https://easypresswire.com/category/automobile"><i><u>Automobile</u></i></a>, <a target="_blank" style="text-decoration:none;color:#212529" href="https://easypresswire.com/category/marketing"><i><u>Marketing</u></i></a>, <a target="_blank" style="text-decoration:none;color:#212529" href="https://easypresswire.com/category/finance"><i><u>Finance</u></i></a> </div> <div class="row" id="youtube_podcast">   </div> <br/> <div class="full each_post_signuo_social row"> <div class="col-sm-12"> <div class="tnp tnp-subscription"> <form method="post" action="https://easypresswire.com/blog/?na=s" onsubmit="return newsletter_check(this)"> <input type="hidden" name="nlang" value=""> <div class="row"> <div class="col-sm-4" id="follow_section"> <div> <h3>Follow us on </h3> <nav class="social-navigation" role="navigation" aria-label="Footer Social Links Menu"> <div class="menu-social-menu-container"> <ul id="menu-social-menu" class="social-links-menu"> <li id="menu-item-153" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-153"> <a href="https://facebook.com/easypresswire/"> <i class="fab fa-facebook-f"></i> </a> </li> <li id="menu-item-154" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-154"> <a href="https://twitter.com/easypresswire"> <i class="fab fa-twitter"></i> </a> </li> <li id="menu-item-155" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-155"> <a href="https://www.instagram.com/easy_press_wire/"> <i class="fab fa-instagram"></i> </a> </li> <li id="menu-item-155" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-155"> <a href="https://www.youtube.com/channel/UCjX1o2ZnQASooYny2hqYCuQ"> <i class="fab fa-youtube"></i> </a> </li> </ul> </div> </nav> </div> </div> <div class="col-sm-8" id="signup_section"> <div class="tnp-field tnp-field-email"> <h3>Daily Updates</h3> <input class="tnp-email form-control" type="email" name="ne" required placeholder="Enter Email Address"> <input class="tnp-submit" type="submit" value="Subscribe" > </div> </div> </div> </form> </div> </div> </div> </div> </div> </div> </div> </div> <script src="https://cdnjs.cloudflare.com/ajax/libs/jquery-easing/1.4.1/jquery.easing.min.js"></script> <script type="text/javascript" src="https://cdnjs.cloudflare.com/ajax/libs/lg-share/1.1.0/lg-share.min.js"></script> <script type="text/javascript" src="https://cdnjs.cloudflare.com/ajax/libs/lg-zoom/1.1.0/lg-zoom.min.js" ></script> <script type="text/javascript" src="https://cdnjs.cloudflare.com/ajax/libs/lg-video/1.2.2/lg-video.min.js"></script> <script type="text/javascript"> $(document).ready(function() { $('#imageGallery').lightSlider({ gallery:true, item:1, loop:false, thumbItem:9, slideMargin:0, enableDrag: false, currentPagerPosition:'left', adaptiveHeight: true, onSliderLoad: function(el) { el.lightGallery({ selector: '#imageGallery .lightitem', animateThumb: false, showThumbByDefault: false } ); 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include - APP/View/Layouts/site_default.ctp, line 229 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::renderLayout() - CORE/Cake/View/View.php, line 546 View::render() - CORE/Cake/View/View.php, line 481 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 119

Hero Electric raises growth capital of Rs.220 crores from GII and existing investor OAKS, announces its ambition of reaching its’ target of 1 million units!

Posted On Tue, July 13, 2021, 3:39 PM

● Expand production capacity and consolidate market position to maintain leadership with 1 million EVs in the next few years ● Invest in new technologies to further strengthen plants and make them futuristic forward ● Strengthen new product development

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India: Hero Electric Vehicles Pvt. Ltd., India’s largest electric vehicles maker backed by six decades of the Hero legacy, today announced the first part of their Series B funding of Rs.220 crores. Gulf Islamic Investments (GII) led the round along with participation from OAKS. The company will direct this investment towards the objective of further supporting the EV industry and ecosystem. Avendus Capital was the exclusive financial advisor to Hero Electric on the transaction.

The electric 2-wheeler market leader will allocate this investment towards expanding production capacity, consolidating market position to strengthen market leadership, invest in futuristic technology and grow footprint across India like markets. To achieve the vision of exponential growth and double sales every year, the company plans to make significant additions to its manufacturing capacity by setting up multiple plants over the next couple of years. It will also focus on India-centric, flexible, and cost-effective innovations that will drive the growth of electric mobility which is in line with making India the EV hub of the world.

“The Electric vehicles market has undergone tremendous change over the last few years since we raised our first round of funding. The policies are extremely conducive for the growth of the segment and despite the pandemic, the company is poised to grow at over 2X from the last fiscal. Hero aims to sell over 1 million units per year in the next couple of years. This round of investments which is a first of a larger scheme will help expand our manufacturing capacities, increase R&D spends that will enable us to continue to launch innovative products to disrupt the category. Hero is committed to its mission of – No Emission and build a sustainable future that is electric” said, Mr. Naveen Munjal, Managing Director, Hero Electric.

Adding to this, Mr. Sohinder Gill, CEO Hero Electric said, “Hero Electric since its inception in 2007 has worked tirelessly to further build the legacy of the brand Hero by journeying to electric. As market leaders, Hero has seen an upward trajectory that will see tremendous growth in the coming years thanks to the support and initiatives taken by Central and State governments. With this round of initial funding in this series we enhance our market position while maintaining leadership with innovative product offerings for the diverse and demanding customer of today.”

Mr. Pankaj Gupta, Founding Partner and Co-CEO of GII commented, “We are delighted to be a part of the growth journey of India’s market-leading electric vehicles pioneer - Hero Electric - through our latest round of investments under India Growth Portfolio II. As a sustainability conscious and visionary investor, GII has observed the growing role of electric vehicles in mitigating environmental pollution and the opportunities it presents in India, one of the world’s most populous countries and an important investment destination in the firm’s global strategy. Hero Electric has established itself as a champion in the country’s electric vehicles segment and is exceptionally well positioned to achieve multi-fold growth in the coming years. We’re excited to partner with Sohinder, Naveen and their world-class management team to continue to accelerate their impressive growth trajectory and positively impact the widespread adoption of electric vehicles in India.”

Vishal Ootam, Founder & CEO of OAKS added, “We have been tracking this sector in India & globally are very excited to have partnered with Hero Electric who are the clear market leaders in this space. We believe that over the next few years, the Electric vehicles market is going to grow exponentially. Our belief is that this investment round will put the brand Hero firmly in a leadership position. Hero is poised to grow multi-fold over the next few years, and we are only happy to be part of this growth story.”

V’Ocean Investments has been advised by OAKS Asset Management Pvt. Ltd. (OAKS) on the investment.

Hero Electric over the last 14 years has paved way for the EV industry by growing the ecosystem and infrastructure, offering best in category vehicles with affordable pricing to drive adoption. The company has till date reskilled 6,000 mechanics across India and has been able to empower their network to address consumer dilemmas related to EVs. As market leaders with 35% share and over 3.5 lakh vehicles across the country, the company had in its last fiscal hit record numbers in sales surpassing pre-COVID levels. This interim investment, part of a larger plan is a reaffirmation of the company’s commitment to serve the nation with a green future!

Over the past decade, Hero Electric has launched over 15 electric two-wheelers in India. The company’s best-selling scooters, in the “City Speed” segment have now become the go to bikes for the retail customer and also for the B2B segment across the country.

This press release is posted under categories India, Business, Automobile, Marketing, Finance