This alliance, the statement said, leverages the strength of both lenders, making this a winning proposition for all stakeholders, thereby expanding the reach to underserved markets. “WheelsEMI offers a range of affordable solutions along the two-wheeler ownership-ridership lifecycle, driving affordable mobility for working families. These include the financing of new and pre-owned two-wheelers, access to electric bikes, insurance, servicing, spare parts management, and a transparent marketplace for pre-owned two-wheelers,” it said.
The company specializes in financing customers in deep geographies through its unique model, which bridges the digital divide between the urban and rural geographies while enabling mobility to the under-represented segment of customers. Under the arrangement, both the lenders, plan to finance over 100,000 two-wheelers in the first phase.
Rajan Pental, global head (retail banking) at Yes Bank, said that the arrangement will enable the bank to enhance its reach by entering and deepening its presence in newer markets. “We look forward to leveraging the strengths of WheelsEMI in semi-urban and rural markets and build a profitable and sustainable two-wheeler loan portfolio through this partnership,” said Pental. Srinivas Kantheti, managing director and chief executive of WheelsEMI said that two-wheelers present a huge white space, and the company is excited to partner with Yes Bank.
