Hero Motors Limited is the flagship auto-components business of the Hero Motors Company Group. It focuses on transmissions, bike powertrains, and gears. It has received growth equity capital from GEF Capital Partners and its LPs to acquire a minority share.
These funds will be used by the company to increase its growth. The company will place a strong focus on the original equipment manufacturers of electric mobility. It will also set up additional technology centres for research and development.
Chairman, Pankaj Munjal of HMC stated, “This fundraise demonstrates the brilliant platform that we have built over years with deep relationships with OEMs from around the globe.”
Sridhar Narayan (Managing Partner, GEF Capital) stated that Hero Motors is India’s largest maker of e-bike components. He also said that Hero Motors is currently transitioning to electric vehicles through the acquisition of capabilities in product engineering and process engineering. We are thrilled to be a partner with Hero Motors for its next phase in organic and inorganic growth.”
Amit Gupta (MD & CEO of Hero Motors) said, “The company has been steadily growing at more than 50% CAGR over the past few years. The capital will be used in strengthening the company’s market position in relevant markets, particularly in the fast-growing electric car components space.