Perpetuity Capital secures Rs 5 crore for EV finance
- ByStartupStory | October 21, 2023
Perpetuity Capital, a digital platform specializing in electric vehicle (EV) finance, has successfully secured a debt infusion of Rs 5 crore from Clime Finance, a climate-focused financier based in Delhi. Perpetuity Capital has outlined its intention to utilize this debt to facilitate the acquisition of two and three-wheeler electric vehicles for commercial use, particularly in newly expanded regions over the past six months.
Established in 2017, Perpetuity Capital primarily assists delivery drivers and autorickshaw operators in obtaining financing for EVs.
Clime Finance, a Reserve Bank of India (RBI)-registered Non-Banking Financial Company (NBFC), has a dedicated focus on extending debt to small and medium enterprises led by founders, with a strong commitment to climate action.
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Karamveer Dhillon, Founder and CEO of Perpetuity Capital, expressed the company’s mission to utilize this debt to enable income generation for their borrowers. He said “We want to utilise this debt to finance electric vehicles that will be used to generate income for our borrowers. 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 tons of carbon emissions over the lifetime of the vehicle.”
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