Hero Electric has raised Rs 160 crore from Mumbai based investment management firm Alpha Capital Advisors. The funds pumped in will be used mainly to diversify Hero Electric’s product portfolio and acquire technology and fetch a minority stake in the automaker for the investor, stated the company.
Hero Electric is planning to focus on India-centric, flexible and cost-effective innovations that will drive its growth in electric mobility. The company will make new additions to its manufacturing capacity by setting up multiple plants over the next five years and launch more key products in a phased manner.
Naveen Munjal, Managing Director, Hero Electric, said the fund infusion will help us diversify the company product portfolio, acquire new technology and focus on strengthening its research and development capabilities to achieve certain rate of localisation.