Hero Electric raises Rs. 220 crore to fund capacity expansion, product development.

Hero Electric, India’s leading electric two-wheeler maker, has raised Rs. 220 crore in series B funding, buoyed by the sops announced by the central and state governments, to expand capacity and meet high demand.

The fresh round of funding was led by Gulf Islamic Investments (GII) and existing investor Oaks Asset Management at an undisclosed valuation. Avendus Capital was the sole advisor for the deal.

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