EV Finance platform Perpetuity Capital secures Rs 5 crore in debt funding

financialexpress.com:

ISB-accelerated EV finance platform, Perpetuity Capital, has secured Rs 5 crore in debt from Clime Finance. Perpetuity Capital is an online platform that helps delivery drivers and autorickshaw drivers avail finance to purchase electric vehicles (EVs) for commercial use.

Clime Finance is an RBI-registered NBFC, focused on providing debt to founder-led small and medium enterprises engaged in Climate action. 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 6 months.

Perpetuity Capital has opened new branches in Gaya and Muzaffarpur in Bihar. The company has also expanded to Tier II cities in Karnataka to foster the adoption of electric three-wheelers in rural parts of India.

“We want to utilize 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” said Karamveer Dhillon, Founder and CEO of Perpetuity Capital.

“We see Clime Finance as our long-term finance partner. Particularly, we hold their founder, Inderpreet Wadhwa, in high regard as an entrepreneur who has blazed a trail for climate entrepreneurs like us to follow,” said Karan Dhillon Co-Founder of Perpetuity Capital.

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