Jaipur-based electric commercial vehicle (eCV) financing firm Ascend Capital is planning to raise INR 500 crore over the next 18 months as it looks to finance over 1 million electric commercial vehicles by 2030, the company said on Wednesday.
Cofounded in 2019 by Lokesh Chandra Mittal and Gaurav Maheshwari, the company has so far invested about INR 80 crore in its own business and has financed over 8,000 commercial EVs.
“We have invested about INR 80 crore since we founded Ascend Capital. We have a robust growth plan and are eyeing to infuse INR 500 crore into the company over the next 18 months,” said Mittal, cofounder and director of Ascend Capital.
Mittal said these funds will be raised from climate finance, sustainability, and financial inclusion-focused impact investors.
The company sees a huge potential in financing eCVs, he said, adding that plans are afoot to finance 1 million vehicles by 2030.
However, if there is an opportunity, the company might explore other segments, including electric two-wheelers, he 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.
