Cleantech mobility-focused fintech startup Perpetuity Capital has successfully raised Rs.7 crore through the issuance of Non-Convertible Debentures (NCDs). This funding is expected to support the company's growth initiatives and enhance their offerings in the cleantech and mobility sectors.

The funding round was spearheaded by N+1 Capital and RevX Capital, both well-regarded debt funds that support small and medium enterprises (SMEs) and financial institutions.

In October of the previous year, the startup had secured Rs 5 crore in debt financing from Clime Finance.

Perpetuity Capital intends to use the raised funds to strengthen its lending capabilities and expand its loan portfolio, with a specific emphasis on boosting electric vehicle (EV) adoption in the eastern states of Bihar and Jharkhand.

The CEO of the company Karamveer Dhillon mentioned, “This funding will significantly bolster our ability to provide financial solutions that facilitate the adoption of clean mobility, ultimately contributing to a greener, more sustainable, and inclusive future.”

The company was launched in 2017 and playing a key role as digital lending platform and connecting customers with non-banking financial companies (NBFCs) and banks to facilitate loans for two-wheeler and three-wheeler EVs, both for passenger and cargo use.

Perpetuity Capital’s platform can arrange quick loan processing within 24-48 hours, with maximum loan tenure of five years. The borrowers can get loans up to 95% of the ex-showroom price of the EV, with no collateral required as the EV is hypothecated to Perpetuity Capital until the loan is repaid.

Mostly it offers up to 95% of the ex-showroom price of the EV with no collateral required as the EV is hypothecated to Perpetuity Capital until the loan is repaid. It primarily offers delivery drivers and autorickshaw drivers looking to finance EVs for commercial use.

Sushant Bhatia, Director of Investments at RevX Capital opined, “Investing in Perpetuity Capital represents an investment in sustainable and inclusive development. We believe in their vision and capacity to transform the mobility sector in Bihar and Jharkhand. Our collaboration aims to accelerate the adoption of clean technologies in these areas."

The Vice-President of N+1 Capital Akshay Saini, mentioned that, Perpetuity Capital’s focused on clean-techmobility which was perfectly aligned with their investment philosophy of supporting ventures that casted a positive environmental impact.

He also added that, he is very proud to make partner deal with them support their growth in key regions of India.