Ascend Capital Raises 50 Crore Rupees in Series A Funding to Boost Electric Vehicle Financing Growth
Ascend Capital, a company in Jaipur that helps finance electric vehicles (EVs), has raised 50 crore rupees from investors led by Infoedge Ventures and Asha Ventures. The company was started by Lokesh Chandra and Gaurav Maheshwari, who studied at IIT Madras.
Initially, Ascend worked only in one area but grew to be very successful and profitable. With the new money, they want to grow their business in more areas and aim to manage 300 crore rupees worth of assets in the next two years.
Ascend’s tech and product head, Gaurav Maheshwari, highlighted the company’s emphasis on developing strong internal platforms, such as tools to improve sales productivity and asset tracking systems.
Chinmaya Sharma, Partner at Infoedge Ventures, believes in the founders’ ability to grow Ascend into a top EV financing company in India.
Pramod Bhasin from Asha Ventures thinks that financing EVs is very important for helping India achieve its goal of not contributing to climate change. He believes the investment will make Ascend a leader in the market and help more money go into the growing EV sector.
Additionally, Ascend is working with Finayo to give out 25 crore rupees to support the EV financing movement in India. The demand for cleaner transportation has been increasing rapidly, with a 112% growth rate over the last seven years. Financing for EVs, especially three-wheelers, is expected to be a big opportunity, worth 5 billion dollars in the next seven years. This kind of financing is especially important for people and businesses that are usually ignored by big banks and finance companies.
About Ascend Capital
Ascend Capital is an electric vehicle finance company in India that provides loans for customers who want to buy new commercial electric vehicles. It is a RBI registered NBFC that was founded by Lokesh Chandra and Gaurav Maheshwari in 2019. It has raised INR 50 Cr in its Series A funding round co-led by InfoEdge Ventures and Asha Ventures in 2021. It operates in Rajasthan, UP, MP, and Delhi NCR and offers products such as e-rickshaw loan, light commercial vehicle loan, and e-bike loan. It aims to revolutionize India’s mobility finance industry and drive sustainable change by accelerating the adoption of electric vehicles.
