Hero Cycles

Not to be confused with Hero Group.

Hero Cycles
Company typePrivate company
IndustryBicycles
Founded1956; 68 years ago (1956)
Founder
HeadquartersLudhiana, Punjab, India
Key people
Pankaj M Munjal[1][2]
ProductsBicycles
Revenue₹26 billion (US$310 million) 2017–2018[3][4]
Total assets₹76.40 billion (US$920 million) [2] (2017–2018)
Number of employees
7610
ParentHero Motors Company [5]
Websitewww.herocycles.com

Hero Cycles Limited, based in Ludhiana, Punjab, is an Indian company that manufactures bicycles and bicycle related products.[6] Pankaj M Munjal[7] is the chairman and managing director of Hero Cycles.

History

A bike from Hero Cycles, photo taken in Uganda

Hero Cycles was established in 1956 in Ludhiana Punjab, manufacturing bicycle components. Today, Hero Cycles is one of the world's largest manufacturers of bicycles, producing 18390 cycles per day.[8][9] Hero Cycles Ltd. is part of Hero Motors Company.[10] In 2016 Hero cycles exported to over 70 countries world-wide.[11][12] The company is ISO9001 & ISO14001 certified.

The company acts in part as a white label manufacturer to various brands, in addition to selling motorcycles under the Hero and UT (formerly Urbantrail) brands.[13][14][15][16][17] Hero Cycles bought the Firefox bicycle brand in 2015.[18][19][20][21]

In 2015, Hero Cycles Lt. bought a majority stake in Avocet Sports Ltd., a UK distributor of bicycles, e-bikes, bicycle parts, and accessories.[22][23][24] Insync Bikes brand was launched by Avocet in November 2018.[25] In 2019, Hero bought a majority stake in German e-bike manufacturer HNF-Nicolai.[26][27][28] In 2016, Hero bought 60% of Sri Lankan bicycle manufacturer BSH Ventures.[29][30][31][32]

In 1986, the Guinness World Records called Hero Cycles the largest bicycle manufacturer in the world.[33] for being the single largest producer of bicycles.

Group structure

Hero Cycles is part of Hero Motors Company (HMC).[34]

The HMC family[35][36] is made up of organizations such as Hero Cycles Ltd., Avocet Sports (UK),[37] BSH (Sri Lanka), Firefox Bikes (not to be confused with the browser by Mozilla),[38] Spur,[39] HGD,[40] Hero Motors,[41] Munjal Hospitality,[42][43] Munjal Kiriu,[44] ZF Hero[45] and OMA.[46]

Plants

Hero Cycles, Ludhiana, Punjab[47]

Hero Cycles, Ghaziabad, Uttar Pradesh[48]

Hero Cycles, Bihta, Bihar[49]

BSH Ventures Pvt. Ltd., Sri Lanka[50]

ZF HERO Chasis Systems, Pune, Maharashtra[51][52]

ZF HERO Chasis Systems, Chennai, Tamil Nadu[53]

Munjal Kiriu, Manesar, Haryana[54]

Munjal Kiriu, Ahmedabad, Gujarat[55][56]

See also

References

  1. ^ "Hero Motors Group elevates Pankaj Munjal as CMD". www.thehindu.com. 20 July 2015. Retrieved 20 July 2015.
  2. ^ a b "The cycle king". business-standard.com. 21 January 2013.
  3. ^ "HMC revenue reaches to INR 2600 Cr". epaper.bhaskar.com. 27 December 2017. Retrieved 27 December 2017.
  4. ^ "HMC revenue expected to reache INR 2600 Cr". dainiksaveratimes.epapr.in. 27 December 2017. Retrieved 27 December 2017.
  5. ^ "Hero Cycles gets new identity – Hero Motors". timesofindia.indiatimes.com. 20 April 2017. Retrieved 20 April 2017.
  6. ^ "Hero Cycles Ltd". Herocycles.com. Archived from the original on 7 August 2011. Retrieved 10 August 2011.
  7. ^ "Hero Cycles & other group companies elevate Pankaj Munjal as new Chairman & MD". auto.economictimes.indiatimes.com. 20 July 2015. Retrieved 20 July 2015.
  8. ^ "Forbes India Magazine – Print". www.forbesindia.com.
  9. ^ "India's Hero Cycles on the cusp of becoming world's largest bicycle manufacturer". Cycling Industry News. 25 April 2018. Retrieved 15 January 2021.
  10. ^ "Hero Cycles gets new identity – Hero Motors". timesofindia.indiatimes.com. 20 April 2017. Retrieved 20 April 2017.
  11. ^ "Hero Cycles Breaks Record in Sales on Home Market". bike-eu.com. 7 January 2016.
  12. ^ "Hero Motors to supply transmissions for electric truck in UK". auto.economictimes.indiatimes.com. 6 November 2017.
  13. ^ "Hero launches 17 new Hero Sprint Pro cycles; priced up to Rs 15,000". indiatoday.intoday.in. 24 August 2016.
  14. ^ "Hero Cycles to unveil 400 Sprint stores". auto.economictimes.indiatimes.com. 28 September 2017.
  15. ^ "Hero Cycles Launches New Advertising Campaign "Choose Different" with Arjun Kapoor for 'Hero Sprint Bike RXR' Cycles". businesswireindia.com. 5 November 2015.
  16. ^ "Hero Cycles launches new advertising campaign with Arjun Kapoor for 'Hero Sprint bike RXR' Cycles". indiablooms.com. 3 November 2015.
  17. ^ "Hero Cycles acquires Firefox Bikes in all-cash transaction". thehindu.com. 17 September 2015.
  18. ^ "Hero Cycles acquires Firefox Bikes in all-cash transaction". economictimes.indiatimes.com. 18 September 2015.
  19. ^ "Eyeing premium segment, Hero Cycles acquires Firefox Bikes". tribuneindia.com. 18 September 2015.
  20. ^ Raj, Amrit (17 September 2015). "Hero Cycles buys Firefox Bikes for Rs150 crore".
  21. ^ "Hero Cycles buys Firefox Bikes in all-cash deal". 17 September 2015.
  22. ^ "Hero Cycles acquires majority stake in UK's Avocet Sports". The Economic Times. 13 August 2015.
  23. ^ Pandey, Navadha (12 August 2015). "For Europe ride, Hero Cycles acquires UK company Avocet Sports".
  24. ^ "Hero Cycles Q&A". BikeBiz. 9 June 2016. Retrieved 30 January 2021.
  25. ^ "Hero Cycles launches Insync house brand touted as an "industry disruptor"". Cycling Industry News. 3 May 2018. Retrieved 28 November 2018.
  26. ^ "Hero Cycles Acquires Strategic Stake HNF-Nicolai". Bike Europe. 9 January 2020. Retrieved 10 February 2021.
  27. ^ "Hero Cycles acquires 48% stake in Germany's HNF Nicolai". Cycling Industry News. 9 January 2020. Retrieved 30 January 2021.
  28. ^ "Baker Tilly advises Hero Cycles on entry into German e-bike market". www.bakertilly.de. Retrieved 30 January 2021.
  29. ^ "Hero Cycles acquires 60% stake in Sri Lanka's BSH Ventures". economictimes.indiatimes.com. 23 March 2016.
  30. ^ "Hero acquires Firefox Bikes, eyes premium cycles market". 18 September 2015.
  31. ^ "Hero Cycles acquires Firefox Bikes in all-cash transaction". financialexpress.com. 17 September 2015.
  32. ^ "Hero Cycles acquires stake in UK's Avocet Sports". tribuneindia.com. 13 August 2015.
  33. ^ "Riding a new high". indiatoday.intoday.in. 15 October 1987.
  34. ^ "Hero Cycles Led HMC Records Highest Revenue". menafn.com. 29 December 2017.
  35. ^ "Hero Motors Group elevates Pankaj Munjal as CMD". thehindu.com. 20 July 2015.
  36. ^ "Hero Group: How embarrassment led to the creation of world's largest bicycle empire". entrepreneur.com. 1 October 2015.
  37. ^ "Hero Cycles plans to set up global design centre in UK". thehindubusinessline.com. 22 November 2016.
  38. ^ "Hero Cycles buys Firefox Bikes for Rs150 crore". livemint.com. 18 September 2015.
  39. ^ "Hero Cycles Q&A". bikebiz.com. 9 June 2016.
  40. ^ "GLOBAL BIKE MANUFACTURER UNVEILS £2M MANCHESTER DESIGN CENTRE". bqlive.co.uk. 30 January 2017.
  41. ^ "Hero Cycle Group's transmission division to supply gears to Ducati". timesofindia.indiatimes.com. 14 October 2016.
  42. ^ "Hero's hospitality foray begins with Marriott deal". business-standard.com. 21 January 2013.
  43. ^ "Hero Group putting up a Rs650 crore hotel in Gurgaon". dnaindia.com. 6 September 2011.
  44. ^ "Munjal Kiriu Industries commissions new auto component plant in Gujarat". business-standard.com. 20 September 2017.
  45. ^ "ZF Hero Chassis System inaugurates new plant". indiancarsbikes.in. 26 September 2015.
  46. ^ "Hero Motors launches AUMA, enters restaurant business". business-standard.com. 21 January 2013.
  47. ^ "Hero Cycles eyes setting up Rs. 400 cr project". thehindubusinessline.com. 22 April 2017.
  48. ^ "Hero Cycles opens aluminium cycle unit at Ghaziabad". thehindubusinessline.com. 12 August 2013.
  49. ^ "Investment pedals in with Hero". telegraphindia.com. 27 August 2014. Archived from the original on 29 August 2014.
  50. ^ "Hero Cycles' Lankan acquisition to serve as gateway for exports to Europe & high-end bicycles to India". businesstoday.in. 4 May 2016.
  51. ^ "ZF goes all out to increase localisation". autocarpro.in. 6 October 2016.
  52. ^ "ZF sets up Plant in Pune, India for heavy truck transmissions". machinist.in. 27 October 2010.
  53. ^ "ZF Hero starts assembling chassis for BMW". economictimes.indiatimes.com. 1 October 2015.
  54. ^ "Hero Motors sells 17.6 % stake in Munjal Kiriu Industries". thehindu.com. 14 February 2011.
  55. ^ "Hero Motors invests Rs.150Cr, installs new manufacturing unit under joint venture with Kiriu, Japan". thehansindia.com. 21 September 2017.
  56. ^ "HeroMotors-led casting venture commissions ₹150-crore plant in Gujarat". thehindubusinessline.com. 20 September 2017.