Perpetuity Capital and Atul Auto sign MOU to finance 500 vehicles in the next year

Gujarat-based Atul Auto Limited has partnered with Perpetuity Capital for financing its electric three-wheeler vehicles. The partnership involves Oracle Marketing Private Limited, Perpetuity Capital’s NBFC arm, which will provide financing for Atul Auto’s electric vehicles. They have signed an MOU for a Retail Finance agreement, presented by Mr. Santosh Kumar (GM of Retail Finance and Channel Funding), aiming to finance a minimum of 500 vehicles over the next year.

The collaboration is for building a strong sales distribution network, particularly in rural areas. Perpetuity Capital, known for supporting clean-tech mobility, brings its expertise in financing to assist first-time borrowers in accessing formal credit quickly. The partnership leverages Atul Auto’s reputation for reliability and durability in the market.

Atul Auto manufactures three-wheelers, including ICE, EV L3, and EV L5 auto rickshaws, pick-up vans, and e-rickshaws for both passenger and cargo segments. As per the official statement, the electric three-wheeler range, Atul Elite and Atul:E, is gaining popularity in India with a nationwide distribution network. Atul Auto is expanding its electric vehicle product line alongside traditional offerings. The new electric vehicle, Elite Plus, is targeted at rural buyers. On the other hand, Perpetuity Capital, known for supporting clean-tech mobility, has a track record of funding players in the last-mile mobility players such as Magenta Mobility, Hala Mobility, and 3ECO, among others.

On this occasion, Karamveer Dhillon, CEO of Perpetuity Capital commented, “We believe that Atul Auto has a strong product line for the Indian market. Atul has built a brand that drivers and users trust to be durable and reliable. Atul Auto and Perpetuity Cap’s interests are aligned as we both are invested in developing a sales distribution network that goes deep into rural parts of India and are extremely retail focused. A strong retail network is what great brands are built on along with strong after sales service; both of which the ‘Atul’ brand is committed to building. Perpetuity Capital is going to help first time borrowers or New to Credit customers get access to formal credit with our proprietary credit underwriting. We have built a platform that can give sanctions within 3 minutes if the borrower brings all the necessary documents to the showroom at the time of giving a down payment. Moreover, our platform allows borrowers to track their EVs financed by Perpetuity Capital and presents them with data that helps them better maintain and run their vehicles.”

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