Hero Electric has partnered with with new financing company called RevFin, to expand the reach of its electric two-wheeler brand. Under this new partnership, the companies aim to dish out finance and leasing options to 2,50,000 electric two-wheeler vehicles in the next 3 years. Also Read - Okinawa announces launch of its biggest electric vehicle factory in India: Check details
RevFin is a digital consumer lending platform that provides loans to EV riders across India. According to a statment released by both the companies, this partnership aims to create better opportunities for riders who intend to use e2Ws for commercial purposes like e-commerce deliveries, ridesharing, etc. Also Read - Ola Electric car teaser revealed, hints at more than one EV: Watch video
Both companies have inked an agreement to jointly finance and lease 250,000 e2Ws over the next three years and collaborate with multiple e-commerce, logistics, and fleet operations companies to fulfill the objective. According to the statement, RevFin has a presence in 18 states, including UP, Bihar, Haryana, Uttarakhand, and Jharkhand. Also Read - Pure EV electric scooter catches fire while charging in Gujarat
Sohinder Gill, CEO, Hero Electric, said, “Fleet electrification by businesses has been one of the key conversations driven by the Government to negate carbon footprint across the country. With the delivery and e-commerce segments growing exponentially, Hero aims to support and steer the EV transition through partnerships to strengthen the B2B segment. This partnership will enable us to provide interested customers with the flexibility to purchase an electric two-wheeler in easy monthly instalments while riding clean mobility. It further enables us to explore different channels to lease and supply our scooters and contribute towards a carbon-free future with EVs.”
Commenting on the partnership, Sameer Aggarwal, Founder, RevFin, said, “We are thrilled to partner with a major player like Hero Electric and be a part of the journey towards their vision of transforming the way the future of India rides. Commercial two-wheeler adoption is still low in India, where finance is one of the largest challenges. Through this association, we expect to change this trend and power the Government’s plans to increase electric mobility penetration in the country.”
Hero Electric was recently de-throned from the top spot in the EV segment by new comer Ola Electric. The company failed to ship not even a single unit of two-wheelers in April. This was because of the supply chain disruption and other global factors.