GII led a series B round for the Hero MotoCorp electric motorcycle spinoff, the proceeds of which will go to manufacturing, R&D and market expansion.

Hero Electric, an India-headquartered electric bike manufacturer spun off by two-wheeler producer Hero MotoCorp, has raised Rs 2.2bn ($29.5m) in series B funding, Forbes India reported on Sunday.

Investment manager Gulf Islamic Investments (GII) led the round, which also featured Oaks Asset Management, the private equity firm formerly known as Alpha Capital, which had provided $22m for the company in 2018.

Hero Electric intends to launch its electric bicycles and motorcycles later this year, having partnered Taiwan-based peer Gogoro in…

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Edison Fu

Edison Fu is a reporter and Asia liaison at Global Corporate Venturing.
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