Chandra aims for six-fold growth over the next two years
Ascend Capital https://ascendcapitals.com/ says its Rs.50 crore Series A funding round, backed by InfoEdge Ventures and Asha Ventures, is for expanding in 30 cities in Rajasthan, UP, MP, Delhi NCR and other states of the country.
The NBFC specializing in electric vehicle (EV) financing says the recently closed Equity Capital round is to achieve an asset under management (AUM) target of Rs.300 crore within 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.
Speaking on the significance of this funding round, Lokesh Chandra, Co-founder of Ascend Capital, expressed his optimism, stating on 21 Feb, “Considering expansion plans, we are confident that we will achieve six-fold growth over the next two years.”
Founded by 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.
Maheshwari highlighted the company’s commitment to technological innovation and operational excellence, saying, “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 US$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. fiinews.com
