Hero Electric Partners With Autovert Technologies For Subscription-Based Financing Plans

Hero Electric has announced its partnership with Autovert Technologies for seamless ‘alternative ownership models’ for Hero Electric’s new owners. Under this partnership, Autovert - a fintech start-up will allow Hero Electric customers to opt for attractive subscription-based plans for an ‘all-inclusive price’ at the time of a new purchase.

Starting for as low as Rs.2,999/ month, the all-inclusive subscription plans will allow Hero Electric customers to avail the vehicle itself, along with bundled services such as comprehensive insurance, service & maintenance, loyalty bonuses and attractive upgrade options. 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.

The guiding idea behind Hero Electric - Autovert partnership is to cater to the ever-changing customer preference for a ‘digital first experience’, which will eventually enable faster adoption of EV’s in India. Autovert would utilize its 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 Bangalore on a pilot basis before a countrywide launch.

Commenting on the collaboration, Sachin Mehta, Co-Founder and Director, Autovert Technologies said, “Customers today are looking for alternative ownership options apart from ease of usage. The future of affordable personal mobility is electric driven. Understandably, so is our focus. 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.”

Commenting on the partnership, Sohinder Gill, CEO, Hero Electric said, “Ease and convenience are one of the most valued aspects of buying any vehicle. Unfortunately, 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. While we are witnessing a growth in the EV sales, it is of utmost important to also offer rich experiences to our 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. We are glad to have partnered with Autovert to bring the power of IoT backed finance asset monitoring and management and be a pioneer in this ecosystem of re-imagining auto finance.”