Ascend Capital to raise Rs 500 cr
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Mumbai: Ascend Capital is planning to raise Rs500 crore over the next 18 months as it looks to finance over 1 million electric commercial vehicles by 2030, the company said on Wednesday. Co-founded in 2019 by Lokesh Chandra Mittal and Gaurav Maheshwari, the Jaipur-based electric commercial vehicle (eCV) financing firm, has so far invested about Rs80 crore in its own business and has financed over 8,000 commercial EVs. “We have invested about Rs80 crore since we founded Ascend Capital. We have a robust growth plan and are eyeing to infuse Rs500 crore into the company over the next 18 months,” Lokesh Chandra Mittal, co-founder and director of Ascend Capital, told PTI. Mittal said these funds will be raised from climate finance, sustainability, and financial inclusion-focused impact investors.
