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CredR, Hero Electric launch exchange offer on petrol two-wheelers

Through the partnership, users will be provided with convenience and hassle-free exchange of used two-wheelers for electric scooters and receive their new vehicle within days.

Published: 11th November 2020 01:12 PM  |   Last Updated: 11th November 2020 01:12 PM   |  A+A-

E-scooter from Hero electric.

E-scooter from Hero electric. (Photo | heroelectric.in)

By PTI

NEW DELHI: Online marketplace for used two-wheelers CredR and Hero Electric on Wednesday announced a partnership for exchange of any petrol-based two-wheeler for e-scooter or e-bike of the latter.

Through the partnership, users will be provided with convenience and hassle-free exchange of used two-wheelers for electric scooters and receive their new vehicle within days.

While exchanging the scooter, CredR will offer instant quotes for old petrol scooters thus reducing the upfront cost of Hero Electric scooters, the companies said in a joint statement.

Customers will need to bring in their old petrol 2-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, the statement added.

CredR will verify the documents and the health of the petrol version of the two-wheeler to complete the transaction.

The exchange price will then be adjusted against the final cost of the new Hero Electric two-wheeler.

Currently, the programme is applicable in Delhi-NCR, Hyderabad, Jaipur, Bangalore and Pune, and will soon be expanded to other cities across India, the companies said.

CredR Chief Strategic Officer Sasidhar Nandigam said, "Currently, electric mobility contributes to less than 1 per cent 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".

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, he added.

Hero Electric CEO Sohinder Gill said at this juncture, the instant exchange scheme from CredR clubbed with unique leasing and low instalments will only help more people buy a Hero Electric scooter.

"As one of the leading EV brands in India, we are looking to enhance the accessibility and affordability for e2W buyers.

Post the unlock, we have seen good demand for Hero e-scooters as a reliable and affordable personal mobility solution," he added.



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