Total amount raised
₹500 Million
Latest funding date
02/01/2024
Location
Ascend Capital has successfully raised funds through a Series A round, with backing from notable investors such as Asha Ventures and Info Edge Ventures. The company specializes in providing financial services tailored for the electric vehicle sector in India, offering solutions like loans and leasing options.
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 is a FinTech company based in Jaipur, Rajasthan, India, specializing in automotive loan services. The company operates within the financial services, FinTech, and lending industries.
With an employee count ranging between 101-250, Ascend Capital focuses on providing financial solutions tailored to the electric vehicle market in India. The company has successfully raised funds through a Series A round, supported by investors like Asha Ventures and Info Edge Ventures.
How Much Funding Has Ascend Capital Raised?
- Series A
- Amount Raised: Approximately $6.7 million USD
- Date: February 2024
- Lead Investors: Asha Ventures, Info Edge Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: The capital will be used to expand Ascend Capital's loan book and operations across multiple geographies, aiming to reach Rs 300 crore in assets under management over the next two years.
Total Amount Raised: $6.7 million USD. Current Valuation: Not publicly disclosed.
Key Investors
- Asha Ventures
- Details: Asha Ventures is a venture capital firm co-founded by Pramod Bhasin. The firm co-led the Series A funding round for Ascend Capital, contributing to the Rs 50 crore raised.
- Investment Focus Areas: Technology, finance, sustainability.
- Notable Investments: Ascend Capital.
- Info Edge Ventures
- Details: Info Edge Ventures is a venture capital firm that co-led the Series A funding round for Ascend Capital. The firm is represented by Chinmaya Sharma, Partner.
- Investment Focus Areas: Technology, internet-based startups, innovative sectors.
- Notable Investments: Ascend Capital.
What's Next for Ascend Capital?
Ascend Capital is poised to seize significant opportunities in the electric vehicle (EV) financing market. With plans to expand its loan book and reach Rs 300 crore in assets under management over the next two years, the company aims to become a leading platform for L3 and L5 financing. The growing demand for EV financing, particularly in the commercial sector, presents a substantial market for Ascend Capital to tap into.
Future fundraising efforts are on the horizon, with the company targeting Rs 500 crore in the next 18 months to support its ambitious growth plans. This capital will be crucial for scaling operations and enhancing their market position. However, Ascend Capital will face challenges such as competition from other fintech startups and the complexity of underwriting EV assets, which requires specialized knowledge and data-driven approaches.
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