Ascend Capital, the mobility finance company plans to secure Rs 500 crore over the next 18 months as it seek to fund more than one million electric commercial vehicles by 2030, the company said in a statement.
The founder of the firm Chandra Mittal said funds will be raised from climate finance, sustainability, and financial inclusion-focused impact investors. Ascend sees a huge potential in financing eCVs, he said, adding that plans are underway to fund 1 million vehicles by 2030. However, if there is an opportunity, the company might target other segments, including electric two-wheelers.
Jaipur-based electric commercial vehicle (eCV) financing firm founded by Lokesh Chandra Mittal and Gaurav Maheshwari in 2019, has so far invested about Rs 80 crore in its own business and has financed over 8,000 commercial EVs.
“We have invested about Rs 80 crore since we founded Ascend Capital. We have a robust growth plan and are eyeing to infuse Rs 500 crore into the company over the next 18 months,” Lokesh Chandra Mittal, Co-founder and director of Ascend Capital, said.
The company said it is looking to expand its presence across Rajasthan, Uttar Pradesh, Madhya Pradesh, and Delhi-National Capital Region, and subsequently move to other parts of the country as per its action plan under vision 2030.
The RBI registered NBFC is set to change the landscape of the EV financing in India. With over 4 years of extensive experience in the sector, the company specialize in providing financial inclusion for the underserved population in tier 2 and 3 cities. Its focus lies in offering tailored loans to cater to the unique needs of customers looking to purchase new commercial electric vehicles.
Ascend is led by a team of exceptional individuals, including founders and core team from prestigious institutions like IIT Madras, IIT Kanpur, IIT Bombay, and IIM Calcutta, with a mission of empowering the bottom of the pyramid demographic.
Ascend Capital is currently operational in Rajasthan, UP, MP, and Delhi NCR, with a focus to driving sustainable change and accelerating the adoption of electric vehicles.
