Fintech company Perpetuity Capital has announced that it has raised an undisclosed amount in debt funding led by UC Inclusive Credit. According to the company, the funding will help the start-up expand its loan book in the L5 segment by financing single-owner drivers and small fleet operators in Delhi NCR, Karnataka, Bihar and West Bengal, where it plans to deploy the funds.
The promoters and senior management team at Perpetuity have a deep understanding of the logistics/supply chain sector in the eastern states of India, Abhijit Ray, managing director, UC Inclusive Capital, said. “We believe a lasting environmental impact can only be made when we arm the smallest stakeholders in the supply chain with access to affordable and responsible credit,” he added.
Perpetuity Capital was established by Karmveer S. Dhillon and Karan Dhillon in 2017. It is a NBFC (Non-Banking Financial Company) headquartered in Kolkata, India. As per the company, it enables asset ownership for single-owner operators, drivers, and underserved entrepreneurs in the auto sector to ensure financial inclusion.
“Going forward we want to increase the number of data points to 200 and completely automate our underwriting process,” Karan Dhillon said. “We believe lending through our balance sheet gives us an advantage over our competitors in an interest rate up-cycle with cost of capital increasing dramatically in the short and medium term,” he added.