Electrifying Rural India - Hero Electric enters into a strategic partnership with Wheels EMI Private Limited to boost electric two-wheelers sales

Pune, 31stAugust 2021:Hero Electric, India’s largest EV two-wheeler company today announced its collaboration with Wheels EMI Private Limited to offer easy financing options for the purchase of electric two-wheelers in India.

Hero Electric currently sells over10,000 two-wheelers every month, of which 40% comes from rural pockets of India. With this partnership, the company expects a rise in sales and is projected to double them over last year by 2021.

With rising fuel prices and modification in the FAME-II subsidies, there has been a rapid growth in the number ofcustomers who want to become a part of the Green revolution by opting for an EV two-wheeler. To further facilitate and help consumers make a quicker buying decision, consumers can now fulfil their dream of going Electric by purchasing a brandnew Hero EV through a wide array of finance options offered by Wheels EMI.

This partnership alsooffers extra benefits to Hero Electric customers like attractive interest rates, flexible tenure options and affordableEMIs as per customer eligibility. As a Preferred Financial Partner, Wheels EMI will provide Hero Electric customers with simple and fast disbursals with minimum documentation.

Wheels EMI is currently offering lending solutions to Hero Electric’s customers across 10 states covering 42 locations and 60 dealership outlets.Wheels EMI has extended financial assistance in rural pockets of Uttar Pradesh like Koushambi, Chandauli, Basti, Maharajganj to name a few and Uttar Pradesh contributes to almost 60% of the total Wheels EMIbusiness

Elaborating on Hero Electric’s latest two-wheeler retail finance partnership Mr. Sohinder Gill-CEO, Hero Electricsaid, “Over the last few weeks, the awareness and demand for electric two-wheelers has been at its peak. The reasons could be varying, ranging from the revised FAME II & state policies to rise in fuel prices. More and more customers today are enquiring and considering electric two-wheelers as their next upgrade. There is also a demand for flexible finance options, especially from rural India to own their favorite two-wheeler. Wheels EMI is a leader in electric two-wheeler financing andunderstands the credit requirement of rural households. This partnership is a step forward to for us to achieve our goal of clean and emission free mobility and reaching the un-fragmented markets of the country and enable them with a cleaner mode of personal transport.”

Mr. Karunakaran V (Co-Founder and JMD),Wheels EMI said, “WheelsEMI is a specialist in twowheelers and focusses on Electric two wheelers and rural customers, along with other services for 2w customers. This partnership gives us the opportunity to make dual impact in the life of unbanked and rural customers by offering finance for Hero Electric two wheelers.Along with Hero Electric we are committed to make ruralIndia green.”

About Hero Electric India: 

HERO ELECTRIC is one of the oldest and India's Largest Electric two-wheeler company and has been at the forefront of the electric 2-wheeler industry. The company’s manufacturing unit is in Ludhiana, and it sells a wide range of electric scooters catering to a wide spectrum of customers. Hero Electric currently has over 700(and rapidly expanding) sales and service outlets spread across the country along with a widespread charging network and trained roadside mechanics on EVs. It has a lot of firsts in the industry ranging from developing and launching the first lithium ion based electric scooters in India to launching the unique concept of charging stations for anywhere, everywhere charging. With over 3.5 lakhs electric two-wheelers in India, the company has been delivering sustainable travel solutions over the past 14 years and counting & has played a crucial role in developing and promoting the EV market in the country.

About WheelsEMI:

WheelsEMI Pvt Ltd is India’s first two-wheeler life cycle management company offering a range of affordable solutions along the two-wheeler ownership-ridership lifecycle, driving mobility for working families including 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. Over the last three years, the company has expanded across 13 states and 100+ cities in India with over 3 Lakh customers.

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