Bangalore, Karnataka, India
Welectric, a first-of-its-kind EV two-wheeler lifecycle management company is poised to catalyse EV transition with its innovative approach to address all the fear, uncertainty and doubts for corporate employees around financing, maintenance and aftermarket of EVs.
The multi-brand electric two-wheeler lease program called Leazy offers a range of benefits to corporate employees. They can choose a brand new electric scooter or motorcycle of their choice with all after sale services at their doorstep and flexible ownership options. By switching to electric mobility, employees save significant amount of money on fuel and maintenance costs from day one. In the process, employees also reduce their carbon emissions and contribute to cleaner air and a healthier environment. The attractive monthly lease rental also gives the employee a tax benefit like in case of a company car lease.
With the increasing traffic congestion in urban areas, electric scooters and motorcycles provide employees with a nimble and efficient way to navigate through crowded streets and reach their workplace on time. Moreover, Leazy includes comprehensive insurance coverage, scheduled maintenance, doorstep assistance, ensuring that employees have a hassle-free and convenient experience.
“An electric two-wheeler is the most planet friendly, pocket friendly and time efficient mode of city commute,” said Welectric’s CEO & Founder, Vikas Jain. “By providing an all-inclusive solution without any deposit, down payment or processing fee and commitment to manage the EV lifecycle, Welectric is making electric two-wheeler ownership mainstream. For a cleaner, greener and more sustainable future of our cities, our default personal mobility option needs to be an EV two-wheeler. We are thankful to the leadership team at Tesco Business Services to pioneer our first-of-its-kind solution in India.”
Companies are increasingly focusing on ESG and sustainability initiatives that have benefits like better employee motivation, customer loyalty and brand value. Leazy not only aligns with this but also becomes an attractive employee benefit and employee retention tool. Companies are increasingly using EVs for employee transport and motivating employees to transition to electric mobility by installing charging stations at office premises and also offering incentives to make EV transition more lucrative for them.
Welectric has partnered with leading electric two-wheeler manufacturers like Ather, Bajaj, Hero & TVS to offer a wide range of options and is a multi-brand EV 2W Lifecycle Management Platform. The leasing program includes electric scooters and motorcycles from reputable brands, equipped with advanced features such as long-range batteries, fast-charging capabilities, smart connectivity, and superior performance. Employees can use Welectric’s digital platform to choose from various models that best suit their commuting requirements and preferences, ensuring a personalized, digital and convenient experience.
The embedded finance in the lease rentals are at lower than market interest rates for even petrol two wheelers due to Welectric’s partnership with financers such as Tata Capital and innovative structuring and EV lifecycle management support reducing their asset risk. Tata capital is leading player in vehicle and equipment leasing and provides unique solutions for corporates.
Welectric is seeing significant demand for Leazy from leading MNCs due to their decarbonization initiatives and net-zero targets. The start-up expects to sign up over a dozen more corporates and scale up Leazy to all major cities in the next 12 months.