Atul Auto Teams Up with Perpetuity Capital to Accelerate Electric Vehicle Adoption
The leading financial institution Perpetuity Capital and the Gujarat-based company Atul Auto Limited have announced their partnership to support the financing of Atul Auto’s three-wheeler electric vehicles. Perpetuity Capital will offer financing solutions for Atul Auto’s electric vehicles through its non-banking financial company (NBFC), Oracle Marketing Private Limited. The two parties recently signed a Memorandum of Understanding (MOU) for a retail financing agreement, with the goal of financing at least 500 vehicles in the upcoming year.
Known for its support of clean technology mobility, Perpetuity Capital brings their financing expertise to help first-time borrowers quickly access formal credit. By leveraging Atul Auto’s reputation in the market for dependability and durability, the partnership aims to foster the widespread adoption of three-wheeler electric vehicles. However, the partnership goes beyond financing; it also focuses on developing a strong sales distribution network, particularly in rural areas.
An extensive distribution network throughout India has helped Atul Auto, a well-known manufacturer of both internal combustion engine (ICE) and electric vehicles (EVs) three-wheelers, become well-known throughout the country. In addition to their conventional offerings, Atul Auto is expanding their line of electric vehicle products, with the recently introduced Elite Plus designed specifically for rural customers.
Perpetuity Capital is no stranger to the last-mile mobility space; they have previously financed notable players such as Magenta Mobility, Hala Mobility, and 3ECO. This partnership with Atul Auto is just one more example of how committed they are to creating sustainable transportation options in India.
To summarise, the collaboration between Atul Auto and Perpetuity Capital represents a significant advancement in the promotion of electric mobility in India. Through the provision of financing options and the establishment of a robust sales distribution network, the partnership seeks to expedite the uptake of three-wheeler electric vehicles, particularly in rural regions where they can yield substantial benefits.
