Aeris signs multi-year strategic IoT Technology Partnership with ÆON Credit Service India for their Car Finance Business

New Delhi, 26 February 2020: Aeris Communications, a preferred Internet of Things (IoT) technology partner for enterprises, today announced a multi-year strategic partnership spanning four years with ÆON Credit Service India. As part of this partnership, Aeris will deploy IoT devices capabilities to help ÆON Credit Service India build a sustainable business portfolio in the auto finance segment. ÆON India aims to grow its portfolio by expanding its product line by venturing into commercial car financing. Aeris has been chosen as the trusted IoT partner for building sustainable service portfolio for car financing as the company is already helping auto financiers and lending companies in asset protection and proactive credit default detection to reduce repossession costs related losses.

Commenting on the partnership, Mr Ranjeet Koul, Vice President and Country Manager APAC & MEA at Aeris Communications, said, “About 90% of all commercial vehicles sold in India are bought with loans. The repossession losses for commercial vehicles have been as high as 15-20% over the last year. We are glad to partner with ÆON 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” 

The Indian CV market is undergoing precedented changes due to heavy regulatory policies, changes in customer preferences, increasing adoption of technology, and digitalization. Proliferation of network and mobile phones is also aiding traceability and accessibility of vehicles that have led to the adoption of connected business solutions. To capitalize the opportunities prevalent in the sector, ÆON Credit Service India plans to grow its footprint and portfolio in the country.  The collaboration will help ÆON Credit Service India become one of the key players in the segment by using IoT device capability. Aeris will enable them to evangelize and embark on their growth trajectory thereby achieving the business goals. ÆON is an early entrant in India and Aeris will assist them in ensuring the sustainability of the auto financing portfolio with its IoT device management capabilities. 

Mr. Daisuke Maeda, MD ÆON 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.” 

Aeris has created unique IoT ecosystem for enterprises, financial sector, original equipment manufacturers (OEMs), technologists, system integrators and solution providers across many vertical sectors. It also empowers organizations to optimize human intervention and attain real-time remote monitoring of machines, equipment, and other assets along with predictive and preventive maintenance of various products and assets within enterprises.