IBEF: January 12, 2021
On Monday, Hero Electric said it has teamed up with Earth Ride, a Delhi-based company, to rent e-bikes to users, exploring new business opportunities in the last-mile delivery model. The alliance seeks to provide an avenue of livelihood for this country's youth.
The lease-earn-own model of Earth Ride helps an individual who may not have the money to purchase a new electric scooter, to begin working immediately with either of the distribution companies or for their entrepreneurial business as a delivery partner.
If the rider completes all the lease payments as per the contract formed, at the end of the said lease term, they will be given the opportunity to own the vehicle. Earth Ride during the lease time takes care of insurance and other formalities, it said.
Over 1,000 customised Nyx-HX from Hero Electric and other e-scooters will be procured by Earth Ride.
Mr. Sohinder Gill, CEO of Hero Electric, said “2020 forced everyone to evolve. The country's youth have also focused at working with last-mile distribution solutions and we have formed successful partnerships with businesses that make a difference in the sector.”
He added, “The unique lease proposal from Earth Ride enables for a win-win option for us and the customers at Hero Electric. This will serve as a catalyst for the adoption of electric two-wheelers thus converting the last-mile distribution solutions from ICE engines to electric vehicles.”
Earth Ride Founder and CEO Mr. Dhairya Gupta said, “This partnership is not only sustainable for the environment, but also economically beneficial for riders and businesses... We are reinventing the market together with Hero Electric, trying to read the need for the hour and supporting our resources and energy that will lead to India's more sustainable, environmentally friendly and profitable economic future.”
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.