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Ascend Capital to plans to raise INR 500 cr in the coming 18 months

Auto Comp |Auto Finance

The funds ought to be raised from climate finance, sustainability and financial inclusion focused impact investors

779 views | Date: July 20, 2023

Ascend Capital to plans to raise INR 500 cr in the coming 18 months

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Jaipur- Ascend Capital., an Indian Electric Commercial Vehicle financing firm is planning to expand business by facilitating financial solutions for 1 million eCVs by 2030. Thus, the company plans to raise INR 500 Cr, in the next 18 months.

Ascend Capital founded in 2018 has so far invested INR 80 Cr and has financed over 80,000 eCVs in India.

Lokesh Chandra Mittal, co-founder-director of Ascend Capital said,“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.”

He also added that these funds ought to be raised from climate finance, sustainability and financial inclusion focused impact investors and through this fund raise, the company might look into other scopes of venturing into financing the 2-Wheeler segment.