Hero Electric, an Electric scooter manufacturer has announced that it has raised Rs 2.2 billion in its Series B funding (Part 1). The funding round was led by Gulf Islamic Investments and OAKS Asset Management, which was formerly known as Alpha Capital. OAKS Asset Management is Hero Electric’s existing investor as well.
According to the company, the fund raised will be utilised to expand its production capacity, consolidate its position in the market, invest in new technologies, and increase its footprints across countries. The company also plans to build manufacturing facilities going forward to double its sales.