Right from having a clear business expansion strategy to earning great mullah via its franchising strategy, the electric vehicle maker has made a benchmark in the automobile industry
The electric vehicle maker Hero Electric has been ranked in the latest Franchise 100 list 2020, published by The Franchising World magazine. The company made it to the coveted list on the back of its quality conscious approach and expansive franchise network. The Franchise 100 list recognizes the Top-100 fastest growing franchise brands and is considered as the most esteemed honor for franchise businesses in India.
Established in 2010, Hero Electric has set a benchmark by launching India’s first lithium-ion battery e-bike, expanded exclusive network to over 600 touch points, introduced portable battery systems for complete range and eliminated lead batteries from bikes among others.
The company witnessed massive 232% growth in its revenues from Rs 56.33 during FY2016-17 to Rs 187.32 in FY2018-19. In addition, it observed 45.88% growth in its franchise footprint over the last three years from 255 franchise outlets in 2017 to 372 units by 2019-end.
Hero Electric has devised aggressive plans to take its overall 615 touch-points currently to over 1000 by 2020-end and make the brand accessible even in the most interior parts of the country. “We have aggressive investment plans in the next three years to ramp up our production capacity to 5 lakh units annually with a focus on low-speed scooters for last mile connectivity. We also have plans to expand our manufacturing base with a plant in the South over the next two years,” shared Sohinder Singh Gill, CEO, Hero Electric.
Further, the company has plans to invest Rs 700 crore on different applications, and a large part of it will go into manufacturing, product development, R&D and marketing as it would help in supply chain, dealer network, training and upgradation of dealer network, among others.
The Franchising World, India’s no.1 franchising magazine, identifies the Top-100 franchise brands and celebrates their achievements every year in its anniversary issue. The issue highlights the established and emerging Indian and global brands that are increasing their positioning in India along with the new-age brands that are lucrative and profitable, expanding fast and can act as a reference guide for budding entrepreneurs and investors across India.
Franchise 100 is the one-stop destination to know everything about the franchise industry and the leading brands, which investors and prospective franchisees can consider to start their entrepreneurship journey.