Hero Electric & RevFin join hands to makes adoption of EV two-wheelers easier

The two companies intend to provide finance and leasing facility to 2.5 lakh electric two-wheelers in the next three years and encourage people to opt for the greener means of transport.

Hero Electric partners with RevFin

Hero Electric, the leading name in the Indian EV two-wheeler space, has announced their partnership with RevFin, an advanced digital consumer lending platform, to provide readily available loans to EV riders across India. This partnership will pave the way for easier ownership of electric two-wheelers for commercial purposes like e-commerce deliveries, ridesharing, etc. We have seen more and more companies making efforts to usher in the era of EVs and make the shift from internal combustion vehicles to EVs easier. Some of the ways in which this is being achieved is by provide better products, more charging stations, a wider network of dealerships. The ability to procure loans to buy EVs will be another big step in allowing people to make the jump to this new way of mobility.

Both companies have inked an agreement to jointly finance and lease 2,50,000 electric two-wheelers over the next three years and collaborate with multiple e-commerce, logistics, and fleet operations companies to fulfill the objective. RevFin has a presence in 18 states, including UP, Bihar, Haryana, Uttarakhand, and Jharkhand supporting underserved segments. To deliver the best experience to its partners and customers, Hero Electric has been inking multiple partnerships to make EVs more accessible and affordable and further its green ambitions.

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.”

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First published on: 17-05-2022 at 15:33 IST