Aeris Signs Multi-Year IoT Technology Partnership With Aeon Credit Service For Car Finance Business

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  • Aeris has created IoT ecosystem for enterprises, financial sector, original equipment manufacturers (OEMs), technologists, system integrators and solution providers
  • The Indian commercial vehicle market is witnessing changes due to heavy regulatory policies, changes in customer preferences, increasing adoption of technology, and digitalization

Aeris Communications has entered a multi-year strategic partnership of four years with Aeon Credit Service India to deploy IoT devices capabilities to help Aeon to build a sustainable business portfolio in the auto finance segment. Aeon aims to expand its product line by venturing into commercial car financing. Aeris is already helping auto financiers and lending companies in asset protection and proactive credit default detection to reduce repossession costs related losses.

Ranjeet Koul, vice president and country manager APAC and MEA at Aeris Communications, said, “About 90 per cent of all commercial vehicles sold in India are bought with loans. The repossession losses for commercial vehicles have been as high as 15-20 per cent over the last year. We are glad to partner with Aeon Credit Service India and look forward to a value-driven collaboration. This partnership is fully aligned with our mission to bring sustainable business solutions for our auto finance clients which improves their business profitability and enhances customer management.”

Connected business solutions

The Indian commercial vehicle market is witnessing changes due to heavy regulatory policies, changes in customer preferences, increasing adoption of technology, and digitalization. traceability and accessibility of vehicles that have led to the adoption of connected business solutions. To capture the opportunities in this sector, Aeon said it aims to become one of the key players in the segment by using IoT device capability. It added that Aeris will enable Aeon to meet their business goals.

Aeris has created IoT ecosystem for enterprises, financial sector, original equipment manufacturers (OEMs), technologists, system integrators and solution providers. Daisuke Maeda, managing director, Aeon Credit Service India Pvt. Ltd said, “We are really glad to start our new financing services for commercial cars equipped with Aeris IoT devices. The purpose is to provide service to customers who were unable to access financing service due to lack of credit. We will be providing credit secured by a mechanism designed with Aeris team. We will try to create economic rationality and build a sustainable business model which will help to resolve the social issues such as unemployment.”

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