EV Financing Platform Perpetuity Capital Raises 5 Cr Funding In Debt
EV Finance Digital Platform, Perpetuity Capital has secured five crore in debt from Clime Finance. Perpetuity Capital plans to use the debt for financing three and two-wheeler electric vehicles in new geographies that it has expanded into in the last six months.
Perpetuity Capital is an online platform that helps delivery drivers and autorickshaw drivers avail finance to purchase electric vehicles (EVs) for commercial use.
"We believe that our company can have a lasting social impact in the form of providing finance to the autorickshaw and delivery drivers of India who have a minimal credit footprint. Moreover, with each three-wheeler EV that Perpetuity Capital finances, we reduce 9–10 tonnes of carbon emissions over the lifetime of the vehicle," said Karamveer Dhillon, Founder and CEO of Perpetuity Capital.
In its recent expansion efforts, Perpetuity Capital has opened branches in Gaya and Muzaffarpur in Bihar. Additionally, the company has extended its presence to Tier II cities in Karnataka, targeting the promotion of electric three-wheelers in rural India.
Inderpreet Wadhwa, Founder and CEO, Clime Finance, added, “I am delighted to support the scale-up of Perpetuity Capital with this debt financing, through which we envision inclusive growth for individuals supporting sustainable jobs, deliveries, and transportation across several underserved markets.”
