Hero Electric has announced that it has raised Rs 160 crore from Alpha Capital Advisors, a Mumbai-based investment management firm. The company intends to use the funds to diversify its product portfolio and acquire new technology.

Earlier this year, the company unveiled a line-up of its global products in India and transitioned its entire product portfolio to lithium-ion battery powered two-wheelers. It now plans to launch more products in a phased manner. Hero Electric also plans to set up multiple plants across the country over the next five years and focus on India-centric technology.

Hero Electric manufactures their products at Ludhiana and has a strong network of more than 500 touch points across the country. Over the past decade, Hero Electric has launched 15 electric two-wheelers in India. Currently, the Flash, Nyx, Optima and Photon are the four models that can be found on the Hero Electric website.