Ascend Capital, a Jaipur-based financing firm specializing in electric commercial vehicles (eCVs), is aiming to raise Rs 500 crore within the next 18 months. The funds will be used to finance over 1 million electric commercial vehicles by 2030.
Established in 2019 by Lokesh Chandra Mittal and Gaurav Maheshwari, the company has already infused around Rs 80 crore into its operations and effectively financed over 8,000 (eCVs).
The upcoming capital will be sourced from climate finance, sustainability, and financial inclusion-focused impact investors. While Ascend Capital primarily focuses on eCV financing, it may explore opportunities in other segments, such as electric two-wheelers.
The company plans to expand its presence across multiple Indian states, including Rajasthan, Uttar Pradesh, Madhya Pradesh, and Delhi-National Capital Region, as part of its vision for 2030.