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

Hero Electric on Thursday said it has partnered with fintech start-up Autovert Technologies for subscription-based financing plans for its electric two-wheelers.

Under the partnership, Hero Electric customers can avail of all-inclusive subscription plans starting at Rs 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.

Hero Electric said its partnership with Autovert is to cater to the ever-changing customer preference for a 'digital first experience', which will eventually enable faster adoption of electric vehicles (EVs) in India.

Autovert would utilise its internet of things (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 Bengaluru on a pilot basis before a countrywide launch, the statement added.

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 further said as EV sales witness growth, it is of utmost important to also offer rich experiences to 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.

Autovert Technologies Co-Founder and Director Sachin Mehta said customers today are looking for alternative ownership options apart from ease of usage. The future of affordable personal mobility is electric driven.

"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.