Hero Electric ties up with RevFin to provide loans to EV riders

PTI, May 17, 2022, 12:07 PM IST

Image: Revfin.in

Hero Electric on Tuesday said it has partnered with digital consumer lending platform RevFin to provide loans to EV riders across India.

The partnership aims to finance and lease 2.5 lakh vehicles over the next three years, the company said in a statement.

With delivery and e-commerce segments growing exponentially, Hero Electric aims to support and steer the EV transition through partnerships to strengthen the B2B segment, Hero Electric CEO Sohinder Gill said.

”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,” he added.

Commenting on the partnership, RevFin Founder Sameer Agarwal said, “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.” The partnership aims to create better opportunities for riders who intend to use electric two-wheelers (e2Ws) for commercial purposes like e-commerce deliveries, ride-sharing, Hero Electric said.

The partners have inked an agreement to jointly finance 2.5 lakh leased e2Ws over the next three years and collaborate with multiple e-commerce, logistics, and fleet operations companies to fulfill the objective, the statement said.

Hero Electric has over 750 sales and service outlets spread across the country, while RevFin has presence in 18 states, including UP, Bihar, UK, Haryana, Uttarakhand and Jharkhand.