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Hero MotoCorp Denies Funding Contribution in EV Startup Blu Smart Mobility

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UPDATE – 20 August 2019

Blu Smart has responded via tweet (Below) –

Just three days back, electric vehicle (EV) rental startup Blu Smart Mobility had said ( ~ Via PTI ) that it has raised over Rs 15 crore from multiple investors including Hero Motocorp.

Now in a latest shocker, Hero Motocorp has intimated in a mail that it is not true and denies participation in funding round of EV startup.

Below is the official media statement from Hero Motocorp –

Over the past few days, Hero MotoCorp Ltd. has noticed a few reports in news media, stating “Hero MotoCorp has participated in fundraising for an e-mobility Startup Blu Smart Mobility”. Hero MotoCorp Ltd. 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. Hero MotoCorp Ltd. reserves its right to initiate appropriate legal action against any entity/agency that indulges in spreading false information about the Company.

The country’s largest two-wheeler maker Hero MotoCorp Ltd on Monday denied that it has participated in fund raising by Blu Smart Mobility, while threatening to take legal action against e-mobility start-up.

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. PTI RKL

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