Hero Electric Collaborating With RevFin to Provide Loans to EV Buyers

Hero Electric announced a partnership with RevFin, a digital consumer lending platform, to give loans to EV riders across India.

May 17, 2022. By News Bureau

Hero Electric CEO Sohinder Gill stated that with the delivery and e-commerce segments developing at an exponential rate, the company hopes to help and steer the EV transition through partnerships to improve the B2B segment.

On Tuesday, Hero Electric announced a partnership with RevFin, a digital consumer lending platform, to give loans to EV riders across India. According to the corporation, the alliance seeks to finance and lease 2.5 lakh vehicles over the following three years.

Hero Electric CEO Sohinder Gill stated that with the delivery and e-commerce segments developing at an exponential rate, the company hopes to help and steer the EV transition through partnerships to improve the B2B segment.

"This partnership will enable us to provide interested customers with the flexibility to purchase an electric two-wheeler in easy monthly installments 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 goal of the alliance is to improve the chances for riders who want to utilise electric two-wheelers (e2Ws) for business purposes such as e-commerce deliveries. Hero Electric mentioned ride-sharing.

According to the announcement, the partners have agreed to jointly fund 2.5 lakh leased e2Ws over the next three years and engage with a number of e-commerce, logistics, and fleet operations companies to achieve the goal.

RevFin is present in 18 states, including Uttar Pradesh, Bihar, UK, Haryana, Uttarakhand, and Jharkhand, while Hero Electric has over 750 sales and service locations across the country. 
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