GII and Oaks Asset Management led a $29.5m Series B funding round in Hero Electric.

Gulf Islamic Investments, a financial services company, and Oaks Asset Management, a private equity firm, led a $29.5m Series B funding round in Hero Electric, an electric two-wheeler maker. "This round of investments, which is a first of a larger scheme, will help expand our manufacturing capacities, increase R&D spends that will enable us to continue to launch innovative products to disrupt the category. Hero is committed to its mission of – No Emission and build a sustainable future that is electric," Naveen Munjal, Hero Electric Managing Director.