Perpetuity Capital Teams Up With 3ev Industries & 3eco Systems To Finance Electric Cargo Vehicles

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Perpetuity Capital, an NBFC focused on financing clean tech mobility, has entered into an agreement to finance electric 3-wheeler cargo vehicles manufactured by 3ev Industries that will be owned and operated by 3eco Systems for last-mile logistics.

“We are witnessing a growing demand for electric commercial vehicles for the last mile and e-commerce logistics due to environmental and cost-related reasons. We expect more transactions like this in the future,” says Mohit Dujari of Perpetuity Capital.

3ev Industries, founded in 2019 in Bengaluru, manufactures the largest range of category L5 3W EVs including Passenger (L5M), Cargo vehicles (L5N), ICE-EV conversions, all ICAT, ARAI Certified & RTO registered.

3eco Systems was founded in Sept 2020 to provide comprehensive solutions for hyper-local (“last-mile”) connectivity using an all-EV platform in India’s Tier 1 & 2 cities. It currently operates in 5 cities – Bengaluru, Hyderabad, Chennai, Coimbatore & Mumbai, and will reach to 13 cities by the end of 2023.

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While sharing his thoughts on the prospects of the mentioned agreement, Peter Voelkner, MD of 3ev said, “3ev vehicles are purpose-built based on the specific requirements of the end user. In the B2B segment, our vehicles compete against incumbent ICE fleets with long operating histories. We must provide a proven and sustainable value proposition in terms of the lower total cost of ownership, reliability with minimal downtime, with guaranteed aftermarket service and maintenance, including safe and reliable battery rental.”

Karan Kadaba, Director of 3eco said, “3eco already operates in India’s largest dedicated 3W EV cargo fleet, serving the widest list of Enterprise in both B2B & B2C segments. We have a proven business model which internalizes the value chain within our partner ecosystem so that we can ensure customer satisfaction and also pursue greater value-added services. This enables the highest earning EV B2B fleet with sustainable scalability and positive financial returns.”

“The new FAME II regulation is going to separate the wheat from the chaff in the EV manufacturing space. After visiting their manufacturing facilities and meeting the leadership team, we at Perpetuity Capital believe that 3ev has the foundation to transform themselves into a national brand and go toe to toe with the legacy manufacturers. 3eco is already a leader in last-mile services in India, with its premium customer list and a strong reputation for high-quality and reliable services”, said Karamveer Dhillon, founder, and CEO of Perpetuity Capital.

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