Aeris Communications, the Noida-based Internet of Things (IoT) technology solutions provider for enterprises has announced a multi-year strategic partnership spanning four years with Aeon Credit Service India. As part of this tie-up, Aeris will deploy IoT devices capabilities to help Aeon Credit Service India build a sustainable business portfolio in the auto finance segment as it aims to grow its portfolio by expanding its product line by venturing into commercial car financing.
While Aeris has already been closely working with auto financiers and lending companies in asset protection and proactive credit default detection to reduce repossession costs related losses, Japan's Aeon is a new entrant in India and plans to expand its footprint and portfolio in the country. The collaboration will help it become one of the key players in the segment by using IoT device capabilities.
Commenting on the partnership, Ranjeet Koul, vice president and country manager, APAC and MEA, Aeris Communications, said, “About 90 percent of all commercial vehicles sold in India are bought with loans. The repossession losses for commercial vehicles have been as high as 15-20 percent over the last year. We are glad to partner with Aeon Credit Service India and look forward to a value-driven collaboration. This partnership is fully aligned with our mission to bring sustainable business solutions for our auto finance clients which improves their business profitability and enhances customer management.”
Diversifying its operations in India, Aeris has expanded its presence by offering a unique IoT ecosystem for enterprises, financial sector, OEMs, technologists, system integrators and solution providers across many vertical sectors. It also empowers organisations to optimise human intervention and attain real-time remote monitoring of machines, equipment and other assets along with predictive and preventive maintenance of various products and assets within enterprises.
Now as the Indian CV market undergoes a slew of changes due to heavy regulatory policies, changes in customer preferences, increasing adoption of technology, and digitalisation, the opportunities prevalent in the sector are aplenty. Proliferation of network and mobile phones is also aiding traceability and accessibility of vehicles that have led to the adoption of connected business solutions. Aeris will enable Aeon to evangelise and embark on its growth trajectory thereby achieving the business goals while assisting the lending company in ensuring the sustainability of its auto financing portfolio with Aeris' IoT device management capabilities.
According to Daisuke Maeda, managing director, Aeon Credit Service India, “We are really glad to start our new financing services for commercial vehicles equipped with Aeris IoT devices. The purpose is to provide service to customers who were unable to access financing service due to lack of credit. We will be providing credit secured by a mechanism designed with the Aeris team. We will try to create economic rationality and build a sustainable business model which will help to resolve the social issues such as unemployment.”