We are discussing EV Financing Startup Perpetuity Capital Secured Rs 7 Crore From N+1 Capital and RevX Capital:
Perpetuity Capital is a fintech startup that offers an online loan lending platform for electric vehicles. The startup secured Rs 7 crore through non-convertible debts from RevX Capita and N+1 capital. The company plans to use these fresh proceeds to scale its operations, enhance its lending capabilities, and expand its network and loan book. This non-banking finance company enables entrepreneurs to own assets.
The fintech startup plans to expand its network in the regions of East India. The company aims to promote adopting environment-friendly electric vehicle solutions across India. Karamveer Dhillon founded the firm. The company helps delivery and autorickshaw drivers lend money and purchase electric vehicles for commercial purposes. The company secured Rs 5 crore in a debt funding round led by Clime Finance in 2023. The recent funding round also saw the participation of various new and existing startup investors. The CEO of Perpetuity Capital, Karamveer Dhillon, mentioned that this funding will enable the startup to provide more financial solutions and help the firm achieve a clean mobility mission to create a sustainable future.
The company offers various lending solutions to its customers for electric vehicles. The firm provides its services through an online website and a mobile application. The digital platform connects the customers to banks and other NBFCs to provide loaning facilities. The company provides loans ranging from Rs 50,000 to Rs 10 lakh according to customers’ requirements. Lending a loan, approving, and disbursing it takes less than 72 hours. The investment shows investors’ trust in Perpetuity Capital’s market potential and business model.
The startup will use this funding to scale its operations, improve its platform, and enhance its technology. The EV fintech startup faces competition from other companies such as RevFin, Vidyut, OTO, Revfin, Hero FinCorp, Finayo, and Mufin Green Finance. The amount raised from these non-convertible debts will be used to develop more efficient EV finance solutions with technological advancement and increased performance. For its expansion, the company will mainly focus on the states of the eastern region, including Jharkhand and Bihar.
Conclusion
Perpetuity Capital is a fintech startup that secured Rs 7 crore from RevX and N+1 Capital through its Non-Convertible Debentures. The startup intends to use this fresh capital to scale its production, enhance its platform, expand its services in the eastern region, and enhance its lending capabilities. The startup offers loans for electric vehicles and aims to promote environment-friendly EV solutions across India.
The director of investment of RevX Capital, Sushant Bhatia, mentioned that they believe in the startup’s vision. This collaboration aims to adopt clean technologies in Bihar and Jharkhand. The development came just after the EV sector saw growing interest from investors. The predicted EV finance market size is around 50 billion USD in the next six years.
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