Hero Electric partners CredR for two-wheeler exchange programme

The country’s largest electric two-wheeler maker Hero Electric has partnered with CredR, an omni-channel two-wheeler used consumer brand to provide customers an exchange offer for their petrol-based two-wheeler to upgrade to a Hero Electric scooter or bike. While exchanging the scooter, CredR will offer instant quotes for old petrol scooters thus reducing the upfront cost of Hero Electric scooters.

CredR says electric mobility has gained unprecedented importance in India over the last few years. As a result of the Covid-19 pandemic, people are becoming environment conscious and are moving towards the adoption of electric vehicles. Moreover, EVs are gaining higher acceptability due to the low purchase price, low running costs and ease of use.

The exchange programme will provide users convenience and hassle-free exchange of used two-wheelers for electric scooters and receive their new vehicle within days. The customers will need to bring in their old petrol two-wheelers for a physical inspection and valuation at any Hero Electric showroom. An instant price quote/ estimate will be generated through the proprietary pricing application powered by CredR. To complete the transaction, CredR will verify the documents and the health of the petrol version of the two-wheeler. The exchange price will then be adjusted against the final cost of the new Hero Electric two-wheeler. At present, the program is applicable in Delhi NCR, Hyderabad, Jaipur, Bangalore and Pune and will soon be expanded to other cities across India.

Commenting on this collaboration, Sasidhar Nandigam, chief strategic officer, CredR said, “India’s electric mobility landscape is going to change dramatically post Covid-19 pandemic and the sales are expected to rise. As the sales of overall two-wheelers will see a boom, there will also be a rise in sales of second-hand e-two wheelers. Currently, electric mobility contributes to less than 1% of the two-wheelers market that can only increase from here. We are tremendously excited to partner with an industry giant like Hero Electric in bringing about this shift in the market.”

Sohinder Gill, CEO, Hero Electric said, “As one of the leading EV brands in India, we are looking to enhance the accessibility and affordability for e2W buyers. Post unlock, we have seen good demand for Hero e-scooters as a reliable and affordable personal mobility solution. We believe increased consciousness towards safer and affordable means for transportation will make more petrol buyers consider EV. At this juncture, the instant exchange scheme from CredR clubbed with unique leasing and low installments will only help more people buy a Hero Electric scooter.”