Perpetuity Capital raises Rs 1 crore in funding from Sungrace Finvest
- ByStartupStory | August 30, 2022
Perpetuity Capital, an asset-backed lending firm, has secured Rs 1 crore in venture finance from Sungrace Finvest. Over the next three months, the company will finance 200 vehicles in collaboration with EV maker Euler Motors and various last-mile mobility players.
According to a release, Perpetuity Capital is now trying to expand its EV OEM tie-ups and assist with funding its B2B and retail sales. In the next few months, the company will use the new funds to expand its footprint by opening offices in Pune, Hyderabad, and Ahmedabad.
“At the moment, EVs account for only 1.3 percent of all automobiles sold in India.” When this figure reaches 5%, it will herald the beginning of widespread EV use. Historically, once the 5% threshold is reached, technological preference quickly shifts, as shown with a variety of technologies such as the mobile phone, the internet, and even LED lighting. According to Karamveer Dhillon, Co-Founder and CEO of Perpetuity Capital, “Perpetuity Capital hopes to encourage the adoption of a greener and cleaner mobility solution.”
About Perpetuity Capital
Founded by Perpetuity Capital is non bank finance company (NBFC) that enables asset ownership for single owner operators and underserved entrepreneurs in the auto sector who usually do not have access to capital from organized lenders and banks.
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