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Hero Electric is a manufacturer of electric scooters and a pioneer in the Indian Electric Two-Wheeler Industry. The company was founded in 2007 by Naveen Munjal, Vijay Munjal, and Dayanand Munjal. Hero Electric offers a diverse range of electric two-wheelers, including high-range and high-speed models, and has a widespread network of exclusive sales and service outlets across India. As of January 2025, the company has 329 employees and is valued at $199 million. While Hero Electric has raised a significant amount of funding from various investors, it is not clear if the company is publicly listed. However, its parent company, Hero MotoCorp, is a listed entity on the Bombay Stock Exchange and the National Stock Exchange of India.
| Characteristics | Values |
|---|---|
| Type of company | Private independent company |
| Location | Gurugram, India |
| Year founded | 2007 |
| Founders | Naveen Munjal, Vijay Munjal, Dayanand Munjal |
| CEO | Sohinder Singh Gill |
| Number of employees | 329 |
| Est. annual revenue | $100-500 million |
| Funding | $51.9 million |
| Total funding raised | $130 million |
| Number of funding rounds | 9 |
| Current valuation | $199 million |
| Number of competitors | 421 |
| Top competitors | Ola Electric, Ather Energy, Gogoro |
| IPO plans | To launch by 2025-26 |
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What You'll Learn
- Hero Electric is a pioneer and market leader in the Indian Electric Two-Wheeler Industry
- The company has raised a total of $130M in funding over 9 rounds
- Hero Electric has 329 employees as of January 2025
- The company was founded in 2007 by Naveen Munjal, Vijay Munjal, and Dayanand Munjal
- Hero Electric's CEO is Sohinder Singh Gill
Hero Electric is a pioneer and market leader in the Indian Electric Two-Wheeler Industry
Hero Electric was founded in 2007 by Naveen Munjal, Vijay Munjal, and Dayanand Munjal. It is located in Gurugram, India, and currently has around 329-500 employees. The company has raised a total funding of $130 million over 9 rounds from 61 investors, with a current valuation of $199 million. Hero Electric's top competitors include Ola Electric, Ather Energy, and Gogoro.
Hero Electric offers a range of electric two-wheelers, including the Optima, Flash, Photon, NYX, and Dash. The company's electric scooters are known for being eco-friendly and cost-effective, providing a personalized mode of transportation for Indians. Hero Electric's most affordable electric scooter, as of April 2021, is the Hero Flash LX. The company intends to increase its production capacity by installing a new plant in its Punjab manufacturing facility to meet the rising demand for electric two-wheelers.
In addition to its focus on electric two-wheelers, Hero Electric has also partnered with Alt Mobility to deploy 10,000 E2Ws and with IDFC FIRST Bank to offer affordable finance options for its customers. The company has also been working to enhance battery safety, reliability, and performance through partnerships with specialists in the field. Hero Electric's CEO, Sohinder Singh Gill, plays a crucial role in the company's leadership and strategic direction.
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The company has raised a total of $130M in funding over 9 rounds
Hero Electric, an India-based automotive company, has raised a total of $130 million in funding over 9 rounds. The company manufactures electric bikes and scooters, with a focus on providing environmentally friendly and cost-effective transportation options for short-distance commutes.
The first funding round for Hero Electric took place on March 29, 2013, and since then, they have had 8 additional rounds of funding, with the latest one being a Series B round on June 22, 2023, for $26.6 million. This recent round included investors like Narotam Sekhsaria Family Office, Gulf Islamic Investments, Klub, and Multiply Ventures.
Hero Electric has a total of 57 institutional investors, with Vocean being the largest institutional investor. The company is also backed by angel investors like Gaurav Munjal. With a current valuation of $199 million, Hero Electric has a total of 366 active competitors, including 41 funded companies and 7 that have exited the market.
The founders of Hero Electric, Naveen Munjal, Vijay Munjal, and Dayanand Munjal, have built a strong foundation for the company, which now has a net worth of INR 764 crore as of November 3, 2023. The company's CEO, Sohinder Singh Gill, has also played a crucial role in its growth and expansion.
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Hero Electric has 329 employees as of January 2025
As of January 2025, Hero Electric has 329 employees, an 18% decrease from January 2023. The company is an India-based automotive firm that designs, manufactures, and markets electric bikes and scooters. It was founded in 2007 by Naveen Munjal, Vijay Munjal, and Dayanand Munjal and is currently headquartered in Gurugram, India.
Hero Electric has raised a total of $130 million in funding over 9 rounds from 61 investors, including Vocean, SLK Services, and Gulf Islamic Investments. The company is valued at $199 million and has 366 active competitors, including top competitors like Ola Electric, Ather Energy, and Gogoro.
In addition to its electric bikes and scooters, Hero Electric has introduced several innovative technologies, such as the range extender, personal charger, and charging stations. They were the first electric vehicle manufacturer in India to launch the concept of "charging stations" for "anywhere, everywhere charging."
As of May 2023, Hero Electric had plans to go public with an IPO, but it is unclear if the company is currently listed.
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The company was founded in 2007 by Naveen Munjal, Vijay Munjal, and Dayanand Munjal
Hero Electric, an India-based automotive firm, was founded in 2007 by Naveen Munjal, Vijay Munjal, and Dayanand Munjal. The company designs, manufactures, and markets electric bikes and scooters.
Naveen Munjal, one of the founders, has also served as the company's Managing Director since its inception. Vijay Munjal, another founder, is the Chairman of Hero Electric. He is also the Chairman of Hero Cycles Ltd., the world's largest bicycle manufacturer, and has been instrumental in the growth of the Hero group of companies. Dayanand Munjal, the third founder, has founded another company called Hero Eco.
Hero Electric has raised a significant amount of funding from investors, totalling $130 million over 9 rounds, with a current valuation of $199 million. The company has a range of electric scooters and bikes, with a focus on sustainability and environmental consciousness.
The company is currently aiming to increase its vehicle sales to 2 million in the next three years and plans to launch its IPO by 2025-26. Hero Electric's CEO, Sohinder Singh Gill, has stated their intention to get listed on the Indian bourses within this timeframe. The company is working to expand its market share and raise funds from both equity and debt sources to achieve its goals.
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Hero Electric's CEO is Sohinder Singh Gill
Hero Electric is an India-based automotive company that manufactures and markets electric bikes and scooters. It was founded in 2007 by Naveen Munjal, Vijay Munjal, and Dayanand Munjal. The company is headquartered in Gurugram, India, and has a current valuation of $199 million.
Sohinder Singh Gill is the CEO of Hero Electric. He has held this position since before 2020. Gill has overseen several significant moments for the company, including its funding rounds. As of June 2023, Hero Electric has raised a total of $130 million in funding over 9 rounds, with its latest funding round bringing in $26.6 million from 3 investors.
In May 2023, Gill announced the company's listing plans. The same month, Hero Electric partnered with Alt Mobility to deploy 10,000 e2Ws. The company has also expressed its intention to focus on the manufacturing of the vehicles themselves, leaving the manufacturing of batteries to specialists.
In November 2023, Hero Electric secured a digital marketing and PR contract with Media Dynox. The company has also partnered with IDFC FIRST Bank to offer affordable finance options for E2Ws.
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Frequently asked questions
No, Hero Electric is not a listed company. However, it has raised a total of $130 million in funding over 9 rounds from 61 investors, with a current valuation of $199 million.
Hero Electric is a manufacturer of electric scooters and bikes based in Gurugram, India. It was founded in 2007 by Naveen Munjal, Vijay Munjal, and Dayanand Munjal, and currently has 329 employees.
In February 2023, Hero Electric announced a partnership with NIDEC to deploy electric motors in its city speed range of e-bikes. In May 2023, the company's CEO, Sohinder Gill, revealed listing plans and discussed issues regarding FAME violations and subsidy recovery.
Hero Electric is focused on enhancing its battery safety, reliability, and performance, as well as meeting the rising demand for electric two-wheelers through aggressive production. The company has no intentions to enter battery manufacturing, preferring to leave it to specialists.
