Hero Electric has teamed up with two-wheeler life cycle management company Wheels EMI to provide customers purchasing electric two-wheelers with simplified financing alternatives. In addition to vehicle financing, the collaboration provides other benefits to Hero Electric consumers such as attractive interest rates, flexible tenure alternatives, and reasonable equal monthly instalments (EMIs) based on client eligibility.
Meanwhile, Wheels EMI, as a preferred financial partner, would enable Hero Electric customers with simple and quick disbursements. With a presence in over 100 cities across 13 states, Wheels EMI also provides a range of solutions along the two-wheeler ownership-ridership lifecycle. These include financing to purchase new and pre-owned two wheelers, access to electric bikes, insurance, servicing, spare parts management, and a transparent marketplace for pre-owned two wheelers.
According to the recent statement, the primary goal of the partnership is to facilitate clean and emission free mobility and reach the un-fragmented markets of the country with clean mobility options. Hero Electric currently sells over 10,000 two-wheelers per month, with 40 per cent of sales coming from rural India. With this cooperation, the business hopes to increase sales and double them over last year by 2021
In July, 2021, Hero Electric had also declared that it had raised Rs 2.2 billion as the first part of its Series B funding. The funding round was led by Gulf Islamic Investments and OAKS Asset Management, which was formerly known as Alpha Capital.