Hero Electric joins hands with Grip to offer lease finance solutions

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Hero Electric on Thursday said it has joined hands with Grip, an alternative investment platform, for its lease financing solutions to retail investors.

With the partnership, the company aims to encourage the adoption of electric vehicles (EVs) by leasing them 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.

"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,” Hero Electric CEO Sohinder Gill said in a statement.

This partnership highlights the company’s vision of offering eco-friendly mobility solutions and the direct advantage of adopting electric mobility in terms of savings, he added.

"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,” Gill said.

Speaking on the collaboration, Grip Co-Founder & COO Vivek Gulati noted that lease financing holds many benefits for promising businesses.