New Delhi (India), February 21: Ascend Capital, a NBFC specializing in electric vehicle (EV) financing, announces the successful closure of its Series A funding round, securing INR 50 crore in Equity Capital. The funding round was led by InfoEdge Ventures and Asha Ventures, demonstrating a strong vote of confidence in Ascend Capital’s innovative business model and growth trajectory.
Founded by Lokesh Chandra and Gaurav Maheshwari, alumni of IIT Madras and IIM Calcutta, Ascend Capital has rapidly emerged as a leading player in the EV financing segment, showcasing profitable growth and technical expertise in the product landscape.. Leveraging this momentum, Ascend Capital plans to utilize the Series A funding to further bolster its presence across multiple geographies and aims to achieve an assets under management (AUM) target of INR 300 crore within the next two years.
Speaking on the significance of this funding round, Lokesh Chandra, Co-founder of Ascend Capital, expressed his optimism, stating, “With this fundraiser, we plan to expand in 30 cities focusing on Rajasthan, UP, MP, Delhi NCR and other states of the country. Considering these expansion plans, we are confident that we will achieve six fold growth over the next two years.” Post Securing the Series A Funding, Ascend Capital plans to hire 500 more people including adding senior leadership with deep industry experience.
Gaurav Maheshwari, Co-founder of Ascend Capital, highlighted the company’s commitment to technological innovation and operational excellence and said, “Our robust internal platforms differentiate us in this operationally heavy business. From asset tracking systems to sales and collection productivity enhancement tools, everything is built in-house and as per our specific business requirements. We will add tech leaders in the team to enhance our offering and make our app more customer friendly by launching it in multiple languages in India.”
The Series A funding round not only underscores investors’ confidence in Ascend Capital’s business model but also signifies the immense potential of the EV financing market. Clean mobility has witnessed a remarkable Compound Annual Growth Rate (CAGR) of 112% over the last seven years, with EV financing poised to become a USD 50 billion opportunity. Ascend Capital aims to capitalize on this growth trajectory and contribute towards India’s Net Zero ambitions by enabling access to EV financing, especially for vulnerable segments of society.
About Ascend Capital:
Ascend Capital is a Jaipur-based NBFC specializing in EV financing, committed to providing innovative financial solutions and driving clean mobility. With a focus on technological excellence and strategic expansion, Ascend Capital aims to be a market leader in the EV financing segment.
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