Total amount raised
₹500 Millions
Latest funding date
02/01/2024
Location
Ascend Capital has successfully raised significant funding through a Series A round, with notable investors including Asha Ventures and Info Edge Ventures. The company specializes in providing financial solutions tailored for the electric vehicle sector in India, aiming to make EVs more accessible and affordable.
Keep reading to explore the intricacies of Ascend Capital's fundraising journey and the investors backing this innovative platform.
What Is Ascend Capital?
Ascend Capital, founded in 2019 by Gaurav Maheshwari and Lokesh Chandra, is a FinTech company based in Jaipur, Rajasthan, India. The company specializes in providing automotive loan services and financial solutions tailored for the electric vehicle sector.
Operating under the legal name Ascend Bizcap Pvt. Ltd., Ascend Capital has a workforce of 101-250 employees. The company is actively involved in the financial services, FinTech, and lending industries, aiming to make electric vehicles more accessible and affordable in India.
How Much Funding Has Ascend Capital Raised?
- Series A
- Amount Raised: ₹500M (approximately $6.7M USD)
- Date: February 2024
- Lead Investors: Asha Ventures, Info Edge Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: The funds will be used to expand Ascend Capital's loan book and increase its assets under management to ₹300 crore over the next two years.
Total Amount Raised: $6.7M USD. Current Valuation: Not publicly disclosed.
Key Investors
- Asha Ventures
- Details: Co-founded by Pramod Bhasin, Asha Ventures focuses on investing in promising startups. The firm is known for its strategic investments in high-growth potential sectors.
- Investment Focus Areas: Startups with high growth potential, innovative sectors, emerging markets.
- Notable Investments: Ascend Capital.
- Info Edge Ventures
- Details: Info Edge Ventures is a venture capital firm that invests in early-stage technology companies. The firm aims to support startups with strong business models and execution capabilities.
- Investment Focus Areas: Early-stage technology companies, startups, innovative sectors.
- Notable Investments: Ascend Capital.
What's Next for Ascend Capital?
Ascend Capital is poised to seize significant opportunities in the burgeoning EV financing market. With plans to expand its loan book and increase assets under management to ₹300 crore, the company aims to become the go-to platform for L3 and L5 financing. The EV financing market, projected to grow at a CAGR of over 15%, offers substantial growth potential.
Future fundraising efforts are on the horizon, with Ascend Capital targeting ₹500 crore in the next 18 months to support its ambitious expansion plans. However, the company will face challenges such as competition from other fintech startups and the complexities of underwriting EV assets. Strategic partnerships and acquisitions may be key to overcoming these hurdles and solidifying its market position.
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