Clime Finance has provided Perpetuity Capital with Rs 5 crore in debt. Perpetuity Capital is an ISB-accelerated electric vehicle financing platform.
The company said in a press release that it intends to employ the debt for financing two- and three-wheeled electric vehicles (EV) in new regions where it has grown over the past six months.
“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.
New locations for Perpetuity Capital have been established in Bihar’s Gaya and Muzaffarpur. To encourage the use of electric three-wheelers across the rural regions of India, the business additionally extended its operations to Tier II cities in Karnataka, as per reported by financialexpress.
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.”
“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.
About Perpetuity Capital
For single-owner businesses and underserved entrepreneurs in the auto industry who typically do not have access to capital from organised lenders and banks, Perpetuity Capital is a non-bank finance company (NBFC) that enables asset ownership.