Two-wheeler maker Hero Electric raises Rs.220-Cr from GII, Oak Asset Management

New Delhi-based electric two-wheeler maker Hero Electric has raised INR 220 crore in series B funding led by Gulf Islamic Investments (GII) and existing investor Oaks Asset Management. Avendus Capital is the advisor for the deal, which is not concluded yet with the company in talks to raise more capital. Oaks Asset Management invested at a premium of over 100% over the last round of fundraising in 2018. Hero plans to use the funds to expand manufacturing capacity and for developing new products.