Perpetuity Capital, a digital lending platform specializing in electric vehicle (EV) loans, has secured Rs 7 crore through non-convertible debentures (NCDs) from debt funds N+1 Capital and RevX Capital. The funding will enhance Perpetuity Capital’s lending capabilities and expand its loan portfolio, focusing particularly on accelerating EV adoption in Bihar and Jharkhand.
Launched in 2017, Perpetuity Capital facilitates loans for two-wheeler EVs, as well as three-wheeler passenger and cargo EVs, connecting customers with NBFCs and banks. Loans, processed within 24-48 hours, offer a maximum tenure of five years.
Karamveer Dhillon, CEO of Perpetuity Capital, emphasized, “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 loans, requiring no collateral but with the EV hypothecated until repayment, allow borrowers to access up to 95% of the ex-showroom price of the vehicle.
Sushant Bhatia, Director Investments at RevX Capital, stated, “Investing in Perpetuity Capital represents an investment in sustainable and inclusive development. Our collaboration aims to accelerate the adoption of clean technologies in Bihar and Jharkhand.”
With the Indian government’s focus on promoting EV adoption to reduce carbon emissions, the country’s EV financing sector is poised for significant growth. A report by NITI Aayog and the Rocky Mountain Institute estimates the cumulative capital cost of India’s EV transition to be Rs 19.7 lakh crore ($266 billion) across vehicles, EV supply equipment, and batteries by 2030. The annual EV finance market is projected to reach Rs 3.7 lakh crore ($50 billion) by the same year.
