Asset-backed lending startup Perpetuity Capital has raised Rs 1 core in venture debt from Sungrace Finvest.
The firm has partnered with EV manufacturer Euler Motors and several last-mile mobility players to finance 200 vehicles over the next 3 months. Perpetuity Capital is now looking to expand its EV OEM tie-ups and help with financing their B2B as well as retail sales, a statement said. The company will use the fresh capital to expand its footprint by setting up offices in Pune, Hyderabad, and Ahmedabad in the coming months.
“Currently, only 1.3 percent of all vehicles sold in India are EVs. Once this figure crosses the 5 percent threshold, it will signal the start of mass EV adoption. Historically, once the 5 percent mark is crossed, technological preference rapidly flips, as seen with a number of technologies like the mobile phone, the internet, and even LED lights. Perpetuity Capital is hoping to enable the adoption of a greener and cleaner mobility solution,” said Karamveer Dhillon, Co-Founder, and CEO, Perpetuity Capital.
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