Hero Electric partners Autovert Technologies to introduce subscription-based financing plans

by Autocar Pro News Desk , 30 Jul 2020


Hero Electric, a leading two- and three-wheeler electric vehicle maker has partnered Bangalore-based fintech start-up Autovert Technologies for seamless alternative ownership models for Hero Electric’s new customers.

Under this partnership, Autovert will allow Hero Electric customers to avail for subscription-based plans for an all-inclusive price at the time of a new purchase. The all-inclusive subscription plan starts at Rs 2,999 per month, that includes the electric vehicle, along with bundled services such as comprehensive insurance, service and maintenance, loyalty bonuses and upgrade options. The partners say these subscription plans will cater to the increasing demand from customers for alternative ownership options, which offer more flexibility and features than traditional auto finance.

In addition, Autovert will utilise its IoT-based technology platform called ‘Autovert Plug’ to manage the vehicle through its lifecycle in the hands of the subscriber. The Autovert Plug Subscription plan has been launched with a few select dealers in Bangalore on a pilot basis before a countrywide launch.

Commenting on the collaboration, Sachin Mehta, co-founder and director, Autovert Technologies said, “Customers today are looking for alternative ownership options apart from ease of usage. The future of affordable personal mobility is electric driven. Understandably, so is our focus. The new generation of buyers looks for easier and newer ways of engagement – one that is data-driven. We want to offer our services to the buyers of EVs as we see great potential and rise in their demand. Hero Electric echoes our sentiment of innovation and together we hope to provide the users with the financial ease to buy, run, and maintain the vehicle.”

Sohinder Gill, CEO, Hero Electric said, “Ease and convenience are one of the most valued aspects of buying any vehicle. Unfortunately, EV sector does not experience much ease and joy when it comes to financing. Through our collaboration with Autovert, we are determined to offer singular experiences of buying and owning Hero Electric vehicles without much fuss. While we are witnessing a growth in the EV sales, it is of utmost important to also offer rich experiences to our customers and make their experience of owning an electric vehicle hassle free. As sales volumes rise, this partnership with Autovert will simplify and facilitate EV sales in India while giving Hero Electric buyers the ease that is priceless. We are glad to have partnered with Autovert to bring the power of IoT backed finance asset monitoring and management and be a pioneer in this ecosystem of re-imagining auto finance.”