Hero Electric ties up with Grip to offer lease finance solutions for its E2

Date: 18 Feb 2022

Hero Electric has partnered with Grip, an alternative investment platform for its lease financing solutions to retail investors.

Emboldening its B2B narrative, Hero Electric aims to further the adoption of EVs by leasing electric vehicles to 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 neutralize 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.”

Speaking on the collaboration, Vivek Gulati, Co-Founder & COO, Grip, noted, “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. We are excited to have a leading EV player, Hero Electric, on board with us on our mission to help build India’s next unicorns”.

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