ISB accelerated Perpetuity Capital, a digital platform for electric vehicle (EV) finance, has announced a strategic financing partnership with Mufin Green Finance, India’s first listed Non-Banking Financial Company (NBFC) with a 100% focus on EV financing.
The partnership is aimed at accelerating electric vehicle financing in India, with Mufin Green Finance securing a debt funding agreement from Perpetuity Capital to finance more than 1,000 electric vehicles in the current financial year.
Perpetuity Capital has outlined its strategy to utilize this partnership to support the financing of commercial three-wheeler electric vehicles, directing funds toward regions where Mufin Green Finance has limited physical presence and newly expanded areas. These funds will specifically target autorickshaw drivers and delivery drivers in regions experiencing a growing demand for electric mobility solutions.
Commenting on the partnership, Karamveer Dhillon, CEO of Perpetuity Capital said, “This debt partnership could be the beginning of something bigger as we are also exploring co-lending opportunities with Mufin. Mufin Green Finance Limited is a company that has pioneered EV finance in India. We, being a company based in East India, can help expand EV adoption in places where banks are not present or are unwilling to bet on EVs.”
Kapil Garg, CEO of Mufin Green Finance, expressed enthusiasm about the collaboration, stating, “We believe that together, we can make a substantial impact on reducing carbon emissions and creating more earning opportunities for the youth of our country.”
The collaboration between these two organizations is anticipated to play a pivotal role in reducing carbon emissions and air pollution while simultaneously generating employment opportunities for driver-cum-owners (DCOs).
