Hero Electric partners Grip for EV finance

by Autocar Pro News Desk , 17 Feb 2022

Hero Electric, a leading electric two-wheeler manufacturer has partnered with Grip, an alternative investment platform for its lease financing solutions to retail investors.

As part of its strategy, Hero Electric says the partnership will drive adoptions of EVs for last-mile delivery, logistics as well as other e-commerce players keen to electrify their fleets. Under the partnership, 20,000 Hero Electric NYX scooters will be sourced by Grip with a targeted 10,000 scooter deployment in the current calendar year.

Sohinder Gill, CEO, Hero Electric said, “Fleet electrification by businesses has been one of the key conversations being driven by the government to neutralise carbon emissions across the country. With the delivery and e-commerce segments growing exponentially, Hero Electric aims to support the electrification drive and steer the EV transition. This partnership highlights our vision of offering eco-friendly mobility solutions and the direct advantage of adopting electric mobility in terms of savings. It further enables us to explore different channels to lease and supply our scooters and contribute to the growth momentum of EVs and other sectors.”

Vivek Gulati, co-founder and COO, Grip said, “Lease financing holds many benefits for promising businesses. Despite that, leasing penetration remains low in India. The unprecedented capital crunch, led by the pandemic, brought new challenges. Grip enables promising businesses to leverage lease financing and access alternate forms of capital.”