HERO Electric on Friday announced partnership with State Bank of India to provide dealer network inventory financing solutions.
This partnership will allow Hero Electric to widen its reach in the country, thereby extending its pan India customer base, the company said in a statement. Hero Electric aims to have 1,000 dealerships across the country this year and the partnership will allow existing dealers to invest more and encourage new dealers to sprout across the country, it added. Commenting on the tie-up, Hero Electric CEO Sohinder Gill said, “We are pleased to have SBI as our partner and we are confident that their expertise and nationwide presence will allow our dealer network to seamlessly expand their business and manage cash flows through attractive rates on inventory financing.” Moreover, Gill said,”It will empower the dealers to cater to a wider customer base and achieve their sales target efficiently.”SBI MD (Retail & Digital banking) PK Gupta said, Hero Electric are pioneers in promoting emission free mobility and through the partnership.
“we as the leading bank of India will also be contributing to the Government’s vision of adopting green mobility”.
“Lending support to the brand’s widespread dealer network will allow the brand to access SBI's pan India network for best financing solutions to its dealers across India,” Gupta added.
Hero Electric said the partnership with SBI will help the brand's products make inroads in Tier 3 and Tier 4 markets and raise awareness around electric mobility. The company said it plans to take its current 620 touch-points to 1,000 by end of 2020.
It also plans to ramp up production capacity of its electric scooters to 5 lakh units annually with a focus on low-speed scooters for last mile connectivity.