Jaipur-based electric commercial vehicle financing firm Ascend Capital aims to raise Rs 500 crore in the coming 18 months, PTI reported. The firm, which has financed over 8,000 commercial EVs, is looking to fund over a million electric commercial vehicles by 2030.
"We have invested about Rs 80 crore since we founded Ascend Capital. We have a robust growth plan and are eyeing to infuse Rs 500 crore into the company over the next 18 months," Lokesh Chandra Mittal, co-founder and director of Ascend Capital, told PTI.
He also said that if there is an opportunity, the company might explore other segments, including electric two-wheelers.
Mittal said these funds will be raised from climate finance, sustainability, and financial inclusion focused impact investors.