India: Hero Electric raises $30m from Gulf Islamic Investments, OAKS

India: Hero Electric raises $30m from Gulf Islamic Investments, OAKS

Photo: Mint

Electric vehicle maker Hero Electric Vehicles Pvt. Ltd on Sunday said that it has raised Rs220 crore as the first part of its Series B funding led by Gulf Islamic Investments (GII) along with participation from existing investor OAKS.

The company will direct this investment towards the objective of further supporting the EV industry and ecosystem, it said in a statement. Avendus Capital was the exclusive financial advisor to Hero Electric on the transaction.

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