Fintech company Perpetuity Capital has announced that it has raised an undisclosed amount in debt funding led by UC Inclusive Credit.
The funds raised will help the company grow its book and expand across different geographies Along with this, it will also help in the expansion of the loan book in the L5 segment by financing single-owner drivers and small fleet operators in Delhi NCR, Karnataka, Bihar, and West Bengal, where it plans to deploy the funds, as per reported by Entrepreneur.com.
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“We are seeing an uptick in EV adoption, especially in the commercial vehicle segment. In an inflationary environment where every price increase is pinching companies and small fleet owners, Electric Vehicles make sense. The cost of running and maintaining an EV is substantially lower than its ICE counterparts. On a cost basis, the commercial EV segment presents the best opportunity going forward for asset owners,” said Karamveer Dhillon, CEO of Perpetuity Capital.
According to the company, it enables asset ownership for sole-proprietor operators, drivers, and under-served entrepreneurs in the auto sector to ensure financial inclusion.
“We are excited to partner with Perpetuity Capital for financing clean mobility. The promoters and senior management team at Perpetuity have a deep understanding of the logistics/supply chain sector in the eastern states of India. We believe a lasting environmental impact can only be made when we are the smallest stakeholders in the supply chain with access to affordable and responsible credit,” said Abhijit Ray, Managing Director, of UC Inclusive Capital.
About Perpetuity Capital
Perpetuity Capital was founded in 2017 by Karmaveer S Dhillon and Karan Dhillon. It is an NBFC (Non-Banking Financial Company) headquartered in Kolkata, India.