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Harley Davidson & Hero MotoCorp collaborate for Indian Market

28Oct By AnkitaNo Comments

Automobile

Harley Davidson & Hero MotoCorp collaborate for Indian Market

NEW DELHI, India, Oct. 28, 2020 -- After closing its services in India Harley-Davidson tie-up with Hero MotoCorp, the world’s largest maker of motorcycles and scooters in terms of unit volumes for selling its bikes in India. Per a distribution agreement, Hero MotoCorp will sell and service Harley-Davidson motorcycles and sell Parts & Accessories and General Merchandise riding gear and apparel through a network of brand-exclusive Harley-Davidson dealers and Hero MotorCorp’s existing dealership network in India. As part of a Licensing agreement, Hero MotoCorp will develop and sell a range of premium motorcycles under the Harley-Davidson brand name. These actions are aligned with Harley-Davidson’s business overhaul, The Rewire, and the company’s announcement in S...

19Jun By AnkitaNo Comments

FUNDING

Car servicing startup GoMechanic Raises funding from Pawan Munjal

New Delhi, Jun 18, 2020: Hero MotoCorp Chairman Pawan Munjal invests in Car servicing startup GoMechanic. The investment made by Munjal in his personal capacity comes in addition to the Series B round of institutional funding received by the company, GoMechanic said in a statement. The latest funding would be used by the company to strengthen its technology stack, fuel geographical expansion, streamline spare parts procurement and amplify brand promotion, it added. Munjal's coming on board as an investor will further enhance the company's profile and will add to the rapid growth of the startup, which has already raised funds from prominent investors such as Sequoia Capital, Chiratae Ventures, Rohit Bansal, Kunal Bahl, Orios and Dhianu Das, it said. "Having Pawan Munjal as an i...

Hero MotoCorp denies investing in Blu Smart Mobility

29Aug By NitishNo Comments

News

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 re...

Hero MotoCorp sets up R&D centre in Germany

30Jan By AdityaNo Comments

Automobile

Hero MotoCorp sets up R&D centre in Germany

Two-wheeler major Hero MotoCorp Wednesday announced setting up of its first research and development (R&D) center near Munich in Germany. A wholly-owned subsidiary of Hero MotoCorp Ltd, Hero Tech Center Germany GmbH, is located at Stephanskirchen near Munich. It will operate in tandem with Hero's Global R&D hub, the Center of Innovation and Technology (CIT) in Jaipur, the company said in a statement. "Setting up of the Hero Tech Center Germany is a realisation of our aspiration to build an R&D ecosystem that is spread across global geographies,"Hero MotoCorp chairman Pawan Munjal said. He added that the center in Germany will be a source of modern technologies with a focus on the global cus...

15Aug By Gauri SinghNo Comments

FUNDING

Scooter Rental Startup Vogo Secured Series A Funding from Ola, Hero MotoCorp

Bengaluru-based automated scooter rental startup Vogo has reportedly secured an amount of around $7 million (Rs 48 crore) in a Series A funding round. The latest round was led by ANI Technologies Pvt Ltd (Ola’s parent company) and Pawan Munjal (Hero MotoCorp chairman). The other existing investors namely Matrix Partners India, Stellaris Ventures, and angel investors also participated in the funding round. The funds raised through this funding round will be utilized by the company for the purpose of expanding its operations further in the cities it already exists, which include Bengaluru and Hyderabad. “We are trying to solve the use case for daily commuters who can probably walk 100 to 150 meters to pick up our scooters. These are all gearless vehicles which ensure that a cross-sect...

Ducati Sale Rumors Reawakened, Find out the Bidders

18Apr By Lavina TolaniNo Comments

News

Ducati Sale Rumors Reawakened, Find out the Bidders

While the German automotive leader Volkswagen Group has appointed a new CEO last week, rumors catering to the sale of its motorcycle owned brand Ducati are all buzzing around in the automobile market. The Volkswagen Group which is a part of Porsche Automobil Holding SE has appointed Herbert Diess as its new CEO replacing Mathias Muller. Diess who has worked with BMW before addressed the press conference while discussing the new management structure with executives managing multiple platforms at the same time. Last year too there were rumors floating about Volkswagen selling its multiple brands, including Ducati, in order to raise capital that could cover company's Dieselgate liabilities. But, it suffered huge resistance from trade unions including Volkswagen Labour unions who were ag...

Hero Motocorp Sold 75 Lakh Motorcycles and Scooters in 2017-18

1Apr By NitishNo Comments

BUSINESS

Hero Motocorp Sold 75 Lakh Motorcycles and Scooters in 2017-18

India's largest two-wheeler company Hero MotoCorp has crossed the 75 lakh units sales mark in 2017-18 fiscal year. The automobile company has sold 66.6 lakh bikes and scooters in 2016-17, becoming the first company to achieve such milestone globally. As per the press release, the automobile maker is now targeting 1 crore unit sales by the year 2020. On March 28, three days ahead of the close of the current financial year 2017-18, the company has surpassed 75 lakh unit sales mark. In order to achieve sales targets, the company has lined up a slew of new launches in the next fiscal to consolidate its market leadership. The company continues to hold more than 50 percent market share in the motorcycle segment. "We plan to launch four new products in the financial year 2018-19 in th...

India’s First Electric Scooter Startup Ather Energy Raises 205 Cr From Hero Motocorp

27Oct By AdityaNo Comments

FUNDING

India’s First Electric Scooter Startup Ather Energy Raises 205 Cr From Hero Motocorp

Ather Energy, India’s first smart electric scooter startup has raised 205 Cr Series B funding from India's leading Bike Company Hero Motocorp. The startup will use this funding in engineering and production work for the S340 (Ather's first e-scooter model) and on ubiquitous charging infrastructure. The startup has already raises funding from investors like Tiger Global and Sachin and Binny Bansal. But this is the first time Ather Energy investor list includes any automobile veteran. Ather Energy in a press release said, "Hero understands where the future of vehicles is headed. And this change will be quite a rapid one which will change the landscape of this industry. One cannot sit on the side-lines. One cannot not participate. A company of their size cannot move like a start-up but ...