Ascend Capital, a Non-Banking Financial Company (NBFC) based in Jaipur and focusing on Electric Vehicle (EV) financing, has raised Rs 50 crore in a Series A funding round, with Infoedge Ventures and Asha Ventures leading the investment.
Co-founded by Lokesh Chandra and Gaurav Maheshwari, both alumni of IIT Madras, Ascend initially focused on a single geography, becoming a prominent player while maintaining profitability. With this funding round, the company plans to expand its portfolio across multiple geographies, aiming to achieve an AUM of Rs 300 crore in the next two years.
Gaurav Maheshwari, responsible for tech and product at Ascend, emphasized their focus on creating robust internal platforms, including asset tracking systems and sales productivity enhancement tools.
Chinmaya Sharma, Partner at Infoedge Ventures, expressed confidence in Ascend’s founders and their execution track record, foreseeing the company consolidating its position as a leading EV financing platform in the country.
Pramod Bhasin from Asha Ventures highlighted the critical role of EV financing, particularly for vulnerable segments, in supporting India’s Net Zero ambitions. The investment is expected to help Ascend become a market leader and facilitate capital flow into the rapidly growing EV segment.
The release noted a remarkable 112% Compound Annual Growth Rate (CAGR) in clean mobility over the last seven years. EV financing is anticipated to become a USD 50 billion opportunity, with three-wheeler (L3 and L5) EV financing expected to represent a roughly USD 5 billion opportunity in the next seven years. This form of financing targets the secured and end-use protected lending product for the informal sector, often overlooked by major banks and NBFCs.
