Thursday, April 18

Hero MotoCorp denies investing in Blu Smart Mobility

India’s largest two-wheeler maker Hero MotoCorp Ltd on August 19 denied that it has participated in the funding round of Blu Smart Mobility, while threatening to take legal action against e-mobility start-up.

Last week, Blu Smart Mobility had claimed that it had raised a $2.2 million in an angel round from multiple investors, led by JITO Angel Network.

The start-up had said “apart from JITO Angel Network, other funds who participated in the Angel round included Hero Motocorp, MayField Fund and Centrum, Micromax and few individual investors among others”.

Denying its investment in the Blu Smart Mobility, Hero MotoCorp said the company “strongly denies any such participation and/or any investment made in Blu Smart Mobility”.

Further, it is clarified that Hero MotoCorp neither released any media report related to Blu Smart Mobility nor was consulted for the same by any agency or person, it added.

“Hero MotoCorp Ltd reserves its right to initiate appropriate legal action against any entity/agency that indulges in spreading false information about the company.”

Queries sent to Blu Smart Mobility for its comments over the development remained unanswered.

However, In its latest tweet, Blu Smart said that they have not issued any press release. The press was made by JITO angels. They made an error instead of BML Munjal Family Office, they Printed Hero Motors. The press was not through Blu Smart. They are correcting the error.