Hero Cycles was established in 1956 in Ludhiana Punjab, manufacturing bicycle components.

[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.

[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.

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]