Ghaziabad man builds Rs 20 cr co with wife's savings

Ghaziabad man e-bike company — Krishna Grover went from a Rs 3,500 salary to building Herald E-Bike with his wife's savings. Know how the Ghaziabad entrepreneur grew his EV business.

Krishna Grover once earned Rs 3,500 a month working in the corporate sector. Today, he has build an electric two-wheeler business with a monthly revenue run rate of Rs 1.5 crore. The turning point came when he decided to leave his corporate job and start a venture with financial support from his wife, Ritika, a NBT report stated. Based in Ghaziabad, Grover is the entrepreneur behind Herald E-Bike, a brand targeting electric vehicle buyers in India's smaller cities. The company has expanded its product range to 34 models and built a distribution network of more than 550 active showrooms.

From a Rs 3,500 salary to business success

Grover's journey began in 2005, when he took up a job that paid Rs 3,500 per month. His path to financial independence began early. He lost his father at the age of 13 and learned to take responsibility at a young age. Over the next few years, he progressed in his career and secured a management position at an international business process outsourcing (BPO) company by 2014.

But a stable corporate job was not his final destination. Grover wanted to build a business of his own and create a long-term foundation for his family. He eventually walked away from his established career to pursue that ambition. His wife, Ritika, backed the decision by contributing her savings to help start the venture.

How Herald E-Bike entered the electric vehicle market

Grover began his entrepreneurial journey in 2018 with Krishika Services. The business later developed into Krishika EV India, which was incorporated in December 2022. Vinay Kumar, a former colleague and friend, joined him as a co-founder. The founders saw an opportunity in the electric two-wheeler market, particularly in Tier-2 and Tier-3 cities. Rising petrol prices and concerns about pollution were creating interest in electric mobility, but many potential buyers remained hesitant.

34 models and a network of 550 showrooms

Herald E-Bike is headquartered in Vaishali, Ghaziabad, and has a manufacturing facility in Duhai. Its portfolio includes 34 electric two-wheeler models. Of these, 23 are low-speed, non-RTO models, while 11 are high-speed models approved for registration with the Regional Transport Office (RTO). The company has also adopted an asset-light manufacturing model, using job-work arrangements instead of relying entirely on heavy investments in its own manufacturing infrastructure.

This approach has helped it expand distribution while limiting the need for large capital expenditure on manufacturing assets. The brand now has more than 550 active showrooms across India, according to the company's reported figures. Its focus on smaller cities is central to the business strategy, where affordability, product reliability and access to service can influence purchasing decisions.

Revenue grows from Rs 78 lakh to Rs 7.8 crore

As per NBT report, Herald E-Bike has reported a significant increase in revenue over three financial years. The company recorded revenue of Rs 78 lakh in FY2023-24. This increased to Rs 1.9 crore in FY2024-25 before reaching Rs 7.8 crore in FY2025-26. It now reports a monthly revenue run rate of around Rs 1.5 crore and has set a target of Rs 20 crore in annual revenue for FY2026-27.

Nepal, Sri Lanka and an IPO on the horizon

Herald E-Bike's ambitions extend beyond the domestic market. The company is looking at Nepal and Sri Lanka as potential destinations for international expansion. It has also set a target of pursuing an initial public offering (IPO) by 2029. This remains a future ambition, not a confirmed listing.

For Grover, the journey from a Rs 3,500 monthly salary to running an expanding electric two-wheeler business began with a decision to give up the certainty of corporate employment. Support from his wife helped him take the first step. The next phase will test whether Herald E-Bike can turn its growing distribution network and rising revenue into sustained growth in India's competitive electric mobility market.