Hero Electric said on Tuesday that it has partnered with digital consumer lending platform RevFin to provide loans to electric vehicle riders across India. The partnership aims to finance and lease 250,000 vehicles over the next three years, the company said in a statement.

Hero Electric CEO Sohinder Gill said that with the exponential growth in the delivery and e-commerce space, Hero Electric aims to support and lead the electric vehicle transformation through partnerships to strengthen the B2B space.

“This partnership will allow us to offer interested customers the flexibility to purchase an electric two-wheeler with flexible monthly instalments while enjoying clean mobility. It further enables us to explore leasing and provide a different pathway for scooters and contribute to the future of carbon-free electric vehicles,” he added.

Commenting on the partnership, RevFin founder Sameer Agarwal said that commercial two-wheeler adoption in India remains low, and finance is one of the biggest challenges. Through this association, we hope to change this trend and advance the government’s plan to increase the penetration of electric vehicles in the country. “

Hero Electric said the partnership aims to create better opportunities for riders who intend to use electric two-wheelers (e2W) for commercial e-commerce deliveries and ride-sharing.

The partners have signed an agreement to jointly finance 250,000 leased e2Ws over the next three years and are working with many e-commerce, logistics and fleet operations companies to achieve this, the statement said. Hero Electric has more than 750 sales and service outlets nationwide, while RevFin operates in 18 states, including UP, Bihar, UK, Haryana, Uttarakhand and Jharkhand.