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<ul><li>The Series B round was led by Gulf Islamic Investments (GII), with participation from <keyword id="1326310" type="ORGANIZATION" weightage="20" keywordseo="Oaks">OAKS</keyword>.</li><li>The company had last raised ₹160 crore from Mumbai-based Alpha Ventures in December 2018.</li><li><keyword id="195740" type="COMPANY" weightage="20" keywordseo="Hero-Electric">Hero Electric</keyword> said it will use this funding to expand production capacity.</li></ul>Electric vehicle (EV) manufacturer Hero Electric, which focuses on two-wheelers, has raised ₹220 crore ($29 million) in its Series B funding round led by Gulf Islamic Investments (GII). Existing investor OAKS also participated in this round. Talking about this fundraise, Hero Electric’s managing director <keyword id="195739" type="PERSON" weightage="20" keywordseo="Naveen-Munjal">Naveen Munjal</keyword> said that the company aims to sell over one million units annually over the next couple of years. He also noted that the EV market has undergone tremendous change over the last couple of years, especially due to policies being more conducive for growth in the segment. E-mobility is poised to grow at over two times from the last fiscal year (FY20), Munjal added. Hero Electric had last raised ₹160 crore ($21 million, at current conversion rate) funding from Mumbai-based Alpha Capital in December 2018. This was the company’s maiden fundraise and was raised to build its second factory. A part of the capital was also used to develop new products and expand its dealership network. The capital raised in the latest Series B round, the company said, will be used towards expanding production capacity, consolidating market position to strengthen market leadership, investing in technology and growing footprint across India like markets. The electric two-wheeler maker will also focus on India-centric, flexible and cost-effective innovation. The Gurugram-based company also plans to make significant additions to its manufacturing capacity to achieve the target of 1 million sales annually. It will also set up multiple plants over the next couple of years. Hero Electric has specified that it will invest at least ₹700 crore to raise annual production capacity to more than 1 million units over the next four years. Currently, its plants manufacture 75,000 units per year. These new capacities will come up at two or three locations, of which one will be located closer to a port for easy export. “This round of investments which is a first of a larger scheme will help expand our manufacturing capacities, increase R&amp;D [research and development] spends that will enable us to continue to launch innovative products to disrupt the category,” Munjal added. Hero Electric is owned by Naveen Munjal, a relative of the <keyword id="11618761" type="UNKNOWN" weightage="20" keywordseo="munjals-of-hero-motocorp">Munjals of Hero MotoCorp</keyword>. The company has no business association with the publicly listed company Hero MotoCorp. Hero MotoCorp is an investor in another EV company Ather, which was founded by Tarun Mehta and Swapnil Jain in 2013. It has been aggressive about its operations as well and closed a $260 million Series D round in November 2020. SEE MORE <a href="https://www.businessinsider.in/business/startups/news/paytm-money-users-can-now-apply-for-zomato-ipo-from-today/articleshow/84334784.cms">Paytm Money now allows investors to apply for an IPO before opening, Zomato being the first</a> <a href="https://www.businessinsider.in/tech/news/sonys-televisions-will-soon-be-100-robot-made-according-to-a-report/articleshow/84320631.cms">Sony's televisions will soon be 100% robot-made, according to a report</a> <a href="https://www.businessinsider.in/tech/news/zomato-sets-a-reward-of-up-to-3-lakh-for-finding-bugs-in-its-apps-and-website/articleshow/84268126.cms">Zomato sets a bounty of nearly ₹3 lakh for finding bugs in its apps and website</a>

Hero Electric raises ₹220 crore to sell over a million electric scooters a year

<ul><li><keyword id="6357252" type="UNKNOWN" weightage="20" keywordseo="Hero-MotoCorp">Hero Motocorp</keyword> announced its Q1 FY20 earnings, where the company saw a net profit of ₹1257 crores, up by 38%. </li><li>However, Hero has seen a decline in sales by 12.2% from the same quarter in FY19.</li><li>The company’s CFO appealed to the government to reduce the GST on two-wheelers from the current 28% to 18%.</li></ul>Hero Motocorp posted a net profit of ₹1,257 crore for the quarter ending June 2019, up 38% from last year’s ₹925 crore. Yet, the company is not happy. The slowing auto market has affected it sales too, which declined by 12.2% to 616,526, just for the month of June, as compared to the 704,562 units sold in the same month last year. "The overall economic and customer sentiments continued to be soft during the first quarter of this fiscal and their impact is clearly visible in the performance of the Auto sector, The outlook for the rest of the year will be dependent on multiple factors, including the progress of monsoon and festive season offtake, as well as improvement in liquidity,” said Niranjan Gupta, Chief Financial Officer, Hero MotoCorp. In the Q1, Hero has sold over 1.8 million motorcycles and scooters. In the same quarter of the previous year, Hero had announced its highest ever sales in a single quarter at – 2.1 million. 
 
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 Hero Motocorp had recently announced its foray into the electric vehicle segment. However, according to reports, the Pawan Munjal-led company will not be able to use its legacy brand name of Hero for EVs as his brother Naveen Munjal has the <a href="https://www.livemint.com/auto-news/family-pact-may-not-give-pawan-munjal-the-hero-brand-name-for-evs-1564079431571.html">rights </a>for the brand name Hero for Hero Electric. Gupta also said that it is important for the government to take urgent steps to boost consumption. “We would, therefore, reiterate our appeal to the government to bring down the GST on two-wheelers to 18% from the current level of 28%, in order to provide the much-needed relief to the sector. A reduction in GST will lower the cost of the two-wheeler and spur demand, with the consequent growth in volumes offsetting any impact on the government revenue,” said Gupta.

Hero Motocorp wants government to take ‘urgent steps’ to help recover falling sales

Electric two wheeler maker <keyword id="195740" type="General" weightage="100" keywordseo="hero-electric" source="Orion">Hero Electric</keyword> on Monday said it will set up a Rs 1,200 crore two million units per annum mega electric vehicle (EV) manufacturing hub in Rajasthan. The company said it has signed a Memorandum of Understanding (MoU) with the state government at the Invest Rajasthan summit. According to the company, the proposed unit will be located at Salarpur industrial region over 170 acres and start production by the end of of 2023. "This mega manufacturing facility is part of our capacity enhancement to boost EV adoption across India. It will allow the state to spearhead clean mobility solution shift and promote ecological tourism practices," Naveen Munjal, Managing Director, Hero Electric, said. CEO Sohinder Gill said: "Green field facility of this mega size and large budget gives us the opportunity to introduce very energy efficient green manufacturing processes with a healthy blend of automation using robotic arms and the nimble-fingered skills of the local artisan workforce, using the clean solar energy that state provides." The proposed facility will manufacture all the current and upcoming Hero Electric two-wheelers, Hero Electric said. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/best-upcoming-hybrid-electric-cars-and-suvs-in-india/articleshow/93274562.cms">Best upcoming electric and hybrid cars in India</a> <a href="https://www.businessinsider.in/business/auto/news/a-fire-at-an-ev-showroom-has-killed-8-several-injured-while-trying-to-escape/articleshow/94167880.cms">A fire at an EV showroom has killed 8, several injured while trying to escape</a>

Hero Electric to set up ₹1,200 crore EV manufacturing plant in Rajasthan

<keyword id="6358777" type="LOCATION" weightage="20" keywordseo="New-Delhi">New Delhi</keyword>, Electric two-wheeler company, Hero Electric on Monday announced its partnership with the Amritsar born-now Mumbai-based Electric mobility start-up eBikeGO, to further transform the <keyword id="8717658" type="UNKNOWN" weightage="20" keywordseo="Last-Mile-Deliveries">last mile deliveries</keyword> from petrol to electric with their expertise in EV technology and IOT enabled operations. Hero Electric has supplied the first 120 <keyword id="24462" type="ORGANIZATION" weightage="20" keywordseo="bikes">bikes</keyword> out of the 1,000 planned for next financial year. eBikeGO is deploying these bikes for last mile logistics on a per <keyword id="294001" type="POSITION" weightage="20" keywordseo="delivery-model">delivery model</keyword> and to individual consumers on monthly rental model across its large customer base in cities like Mumbai, Bengaluru, Delhi, Hyderabad, Amritsar and Jaipur. With its recent launch of the Nyx-HX under the "City Speed" variants, Hero Electric's two-wheelers will ensure low running cost, high load carrying capability, intercity range and various other customisable features for its clients. eBikeGO offers smart IoT-powered mobility solutions, founded and led by serial entrepreneur Irfan Khan. Currently, eBikeGO offers electric bikes on subscription in five cities including Mumbai, Bengaluru, Delhi, Amritsar, and Jaipur. The electric mobility start-up started with 640 users in 2017 and is now providing mobility solutions in 8 cities to more than 18,000 users. The IoT-powered electric bikes offer pollution-free and low-cost rides with a speed of 55 km/hr with a charge of two hours. "With this partnership, we look forward to leveraging the reach eBikeGO brings to further transform the space and bring more electric vehicles on road," Naveen Munjal, MD, Hero Electric said. SEE ALSO: <a href="https://www.businessinsider.in/science/environment/news/top-10-most-expensive-natural-disasters-of-2020-in-the-world/slidelist/79986294.cms">Cyclone Amphan was the most expensive cyclone of 2020 and the fourth most expensive natural disaster overall</a> <a href="https://www.businessinsider.in/business/corporates/news/jack-ma-ant-group-asked-to-overhaul-its-business-model-by-china-central-bank/articleshow/79987683.cms">China's central bank wants Jack Ma's Ant Group to overhaul its business model</a> <a href="https://www.businessinsider.in/science/space/news/indian-space-startup-skyroot-aerospace-successfully-test-fires-first-solid-rocket-propulsion-stage-demonstrator-called-kalam-5/articleshow/79988975.cms">India’s first-ever privately designed and developed rocket is a step closer to becoming a reality in 2021</a>

Hero Electric partners with eBikeGO for last mile deliveries

New Delhi, Jan 1 () Leading electric two-wheeler maker Hero Electric has put on hold investment of up to Rs 700 crore by a year with the sector taking a nosedive as FAME II, scheme aimed to promote electric vehicles, has failed to deliver, according to a top company official.
 Calling for a complete revamp of the policy, the company wants the government to include low speed two-wheelers for subsidy arguing that for mass adoption of electric vehicles (EVs) in India these cost effective vehicles are critical.
 "From an industry standpoint, there was a certain trajectory which was going on when we had FAME I. With the coming in of FAME II, whatever be the logic and reason, the manner in which FAME II was introduced, the whole industry took a downturn and now the industry is recovering from that," Hero Electric Managing Director Naveen Munjal told .
 As per Society of Manufacturers of Electric Vehicle (SMEV), sales of FAME II qualified electric two-wheelers in April-December 2019 period stood at just 3,000 units as against 48,671 units in the year-ago period when FAME I was in place, a decline of 93.84 per cent.
 Under FAME I, low speed two-wheelers with top speed of up to 25km/hr had qualified for incentives of up to Rs 17,000 and Rs 22,000 for high speed ones.
 However, under FAME II, which came into effect from April 1, 2019, electric two-wheeler are mandated to have a minimum range of 80 km per charge and minimum top speed of 40 kmph to qualify for an incentive of Rs 20,000.
 CRISIL had predicted that more than 95 per cent of the electric two-wheeler models produced earlier would not be eligible for incentive under FAME-II.
 When asked about the impact on the company's future investments, Munjal said, "we had to push back the plans. Fund raise has been pushed back to next year, so are the investments."
 Earlier in August 2019, the company had said it was looking to invest around Rs 700 crore in the next three years to ramp up production capacity of its electric scooters to 500,000 units annually from about 100,000 units. It was looking to raise fund for the same by roping external investors.
 Munjal said the company lost four months in the beginning of the year on completely homologating products for FAME II.
 "It has taken a lot of time. Technically, one year is almost wiped out from our balance sheet," Munjal said, adding it made no sense to go ahead with investments as the company had to first get the products out of the door.
 He, however, said the company is now getting back on track and has started working on capacity increase, "which we should have done six months back".
 Calling for a total re-look at FAME II, Munjal said, "FAME II has not delivered for sure... The policy has to be completely changed. If the industry has to pick up then it has to be from ground-up. What we have been saying is that it has to be the low-speed vehicles, which have to be targeted for masses."
 Arguing that 95 per cent of electric two-wheelers is low-speed in India, he said, "If you have to really make this (EV) industry work, you have to focus at the base of the pyramid and the base is the low-speed. Everything else can ride on top of it, we are not saying you dissuade others."
 He cited examples of Europe, China, US and Japan, where low speed electric two-wheelers are supported by the government for mass adoption.
 "When we look at electric two-wheeler mobility around the world, it is all low-speed," he said adding efficiencies are at only at a particular speed band in electric two-wheelers and high speed EVs are expensive thereby making it unsuitable for a "price sensitive" market like India. RKL DRR

Rs 700-cr investment on hold by a year; FAME II failed to deliver: Hero Electric

New Delhi, Jan 5 () Mass segment electric two-wheeler makers are learning to "live without government support" as FAME II scheme to promote electric mobility has not met its objective, according to industry body SMEV.
 The Society of Manufacturers of Electric Vehicle (SMEV) said after getting a "shock" when FAME II was implemented from April 1, 2019, the industry has devised ways to keep afloat by selling low to mid-speed vehicles, which don't qualify for incentives at heavy discount but incurring losses in the process.
 "Industry got a big shock when FAME II started. People are now learning to survive without government assistance to some extent at least. The result of this is that subsidised vehicle sales have dropped drastically but industry sales has not dropped," SMEV Director General Sohinder Gill told .
 He was responding to a query on the impact of FAME II on the electric two-wheeler market.
 Gill further said, "If it was only customer-incentivised vehicles (under FAME II), the industry would have totally collapsed."
 As per SMEV data, sales of FAME II qualified electric two-wheelers in April-December 2019 period stood at just 3,000 units as against 48,671 units in the year-ago period when FAME I was in place, a decline of 93.84 per cent.
 On the other hand, as per industry estimates, non-subsidised electric two-wheeler sales stood at 49,000 units during the period as compared to around 10,000 units in the year-ago period when FAME I was in place.
 "What happened was that many players came with alternate products and models and tried to make some business out of it. Prices of subsidised products have become very high so the industry had to resort again to bring mid- and entry-level products to get volumes with heavy discounts," he added.
 Gill said many companies are now making more losses than earlier.
 Expressing similar views, Hero Electric Managing Director Naveen Munjal said that technically one year has almost been "wiped out from our balance sheet" and the company is only going ahead as it makes senses "in the long run and in the bigger scheme of things but we are bleeding in the process". 
 Pointing out that FAME II hasn't met its objective, Gill said, "Market should have shifted towards higher speed and greater performance, which has not happened."
 He further said, "In the current avatar of FAME II, you will find volumes (for incentivised electric two-wheelers) very very low." 
 Gill, however, expressed optimism that from next year onwards volumes will start coming back in a much better way "not because of government incentives" but due to the business models that companies have pursued such as focussing on low- and mid-range models, and B2B deliveries.
 He said the government needs to have a rework on FAME II, especially eligibility criteria based on range and battery power while also relaxing localisation level, which will be 75 per cent from March this year, up from 50 per cent since March 1, 2019.
 "Internal combustion engine vehicles, even after 40-50 years have not reached 75-80 per cent localisation. So in electric mobility they expect that 75 per cent must be localised from March 1, 2020," Gill lamented. 
 He cautioned that if "FAME II is not reworked, industry will bottom out".
 "They will still get volumes but subsidised products will be very less. The market will continue to sell products, which are liked by customers which are low- and mid-speed range," he said. RKL MKJ

Electric 2-wheeler makers learning to survive without subsidy, FAME II not worked: SMEV

India is home to Asia’s second richest billionaire, the world’s costliest home and a bunch of millionaires. It is also home to some of the most well paid executives. 
 <keyword id="6355515" type="ORGANIZATION" weightage="80" keywordseo="Business">Business</keyword> Insider compiles a list of the highest paid <keyword id="6407546" type="COMPANY" weightage="80" keywordseo="CEOs">CEOs</keyword> across India. 
 
Kalanithi Maran 
 
Annual Salary: Rs 59.89 Crores 
 
It’s obvious that the most profitable television network in Asia would fill the pockets of its bosses. While the group’s TV channels and news publications are concentrated in South India, its FM channels and DTH services and enjoyed pan India. 
 
Kavery Kalanithi 
 
Annual Salary: Rs 59.89 Crores 
 
The wife of Kalanidhi Maran and Executive Director of Sun TV Network is the second highest paid executive. According to Fortune she is also the highest paid woman executive in India. 
 
Image credit: The Mint 
 
Naveen Jindal 
 
Annual Salary: Rs 54.98 Crores 
 
The Chairman of Jindal Steel and Power Ltd claims the third spot with an annual salary of around Rs. 55 Crores. Mr. Jindal is also well known for his efforts that led to the revision of the Flag Code of India which allows every Indian citizen the right to fly the National Flag 365 days a year. 
 
Kumar Mangalam Birla 
 
Annual Salary: Rs 49.62 Crores 
 
The current Chairman of the Aditya Birla Group is next in line. Kumar Mangalam Birla took over in 1995 at the tender age of 28 years after his father’s death. He then led the company to around 26 acquisitions in 17 yrs - the highest by an Indian company. 
 
Pawan Munjal 
 
Annual Salary: Rs 32.80 Crores 
 
The MD and CEO of Hero Moto Corp is the fifth member on the list. Pawan Munjal is the man behind the growth and success of the group. He is also a board member of the Indian Institute of Management, Lucknow. 
 
Brijmohan Lall Munjal 
 
Annual Salary: Rs 32.73 Crores 
 
The founder and Chairman of the Hero Group can also claim to be the president of Confederation of Indian Industries, the Society of Automobile Manufacturers in the past, and a member of RBI board. 
 The founder of the $32 billion <keyword id="6356323" type="UNKNOWN" weightage="80" keywordseo="Enterprise">enterprise</keyword> has been awarded with the Padma Bhushan. 
 
Sunil Kant Munjal 
 
Annual Salary: Rs 31.51 Crores 
 
Sunil Kant Munjal was appointed Joint Managing Director of Hero MotoCorp on Aug 17, 2011 for a period of 5 years. He was appointed on the board of directors in 2006 as a non-executive director. 
 
P R Ramasubrahmaneya Rajha 
 
Annual Salary: Rs 30.96 Crores 
 
While the name maybe Ramco Cement, the company has its hands into cement, mortar and wind power generation, all thanks to the Chairman and MD P R Ramasubrahmaneya Rajha who leads the company. Rajha has been associated with the group since its foundation in 1938. 
 
Image credit: Thynkfeed 
 
Shinzo Nakanishi 
 
Annual Salary: Rs 30.90 Crores 
 
Shinzo Nakanishi has been leading India’s largest auto manufacturer Maruti Suzuki since 2007. He was made the Director by Suzuki in 1999. 
 
 
Murali K Divi 
 
Annual Salary: Rs 26.46 crore 
 
Chairman and Managing Director of Divi's Laboratories Dr. Murali K Divi has 30 years+ of experience in the pharmaceutical industry. He is a member of several important medical associations like the American Pharmaceutical Association, American Cosmetic Society, American Chemical Society and American Institute of Chemical Engineers. 
 
Image credit: Forbes 
 
(Image credit: Indiatimes)

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