Hero Electric partners with Autovert Tech for EV subscription-based financing plans

Hero Electric, a leading electric two-wheelers manufacturer has announced its partnership with a fintech company, Autovert Technologies for subscription-based financing plans for its electric two-wheelers.

EV subscription-based financing plans

As per the agreement, the Hero Electric customers can avail of all-inclusive subscription plans starting at ₹2,999 per month along with bundled services such as comprehensive insurance, service and maintenance, loyalty bonuses and attractive upgrade options, the company said in a statement.

“These subscription plans are positioned to cater to the increasing demand from customers for alternative ownership options, which offer more flexibility and features than traditional auto finance,” it added. This partnership is meant to cater to the customers’ preference for a digital-first experience which helps to boost the faster adoption of electric vehicles (EVs) in India.

The Autovert will use the internet of things (IoT)-based technology platform called ‘Autovert Plug’ to manage the vehicle. The Autovert Plug Subscription plan has been launched with some of the selected dealers in Bengaluru on a pilot basis before it launches all over India.

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Hero Electric CEO Sohinder Gill said, “Ease and convenience are one of the most valued aspects of buying any vehicle. Unfortunately, the 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.”

He also said that EV sales will witness tremendous growth and it is most important to offer great experiences to the 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,” Gill added.

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Autovert Technologies Co-Founder and Director Sachin Mehta said that customers today are looking for alternative ownership options apart from ease of usage.

“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,” Mehta added.

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