Hero Electric Partners With RevFin; To Finance & Lease 2.50 Lakh EVs

Hero Electric announced its partnership with RevFin to provide loans to EV riders across India and create better opportunities for those who intend to use electric two-wheelers for commercial purposes like e-commerce deliveries, ridesharing, etc. Both companies have inked an agreement to jointly finance and lease 2.50 lakh electric two-wheelers over the next three years and collaborate with multiple e-commerce, logistics, and fleet operations companies to fulfill the objective.

Also Read: Hero Electric Partners With EVIFY To Transform Last Mile Delivery Services

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.”

Hero Electric Optima HX

RevFin has a presence in 18 states, including UP, Bihar, Haryana, Uttarakhand, and Jharkhand supporting underserved segments. Hero Electric has inked multiple such partnerships to make EVs more accessible and affordable and further its green ambitions.

Gill added, “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.”

Hero Electric currently has over 36 per cent market share.

Also Read: Hero Electric Partners With SBI To Offer Finance Solutions For Electric Scooters

In February this year, Hero Electric joined hands with the State Bank of India (SBI) to offer two-wheeler finance solutions for its range of electric scooters, which would allow customers to opt to purchase any Hero Electric scooter will get an additional Rs. 2,000 off on payments made through YONO, SBI's integrated digital banking platform. The electric two-wheeler maker also partnered with EVIFY, a tech-enabled electric vehicle-based logistics company, which involved Hero deploying 1,000 electric scooters to EVIFY over the next two years.