Ascend Capital provides tailored loans to customers purchasing new commercial electric vehicles, with a focus on underwriting EV assets such as batteries and vehicle build quality. The company has built an OEM-data checklist to improve underwriting and loan disbursement. Founded in 2018 by Gaurav Maheshwari and Lokesh Chandra, Ascend has disbursed 9,000 loans worth Rs 90 crore to date and currently manages Rs 50 crore of assets under management. It plans to use new capital to expand its loan book and aims to cross Rs 300 crore in AUM over the next two years. In July the startup said it aimed to raise Rs 500 crore in the next 18 months. Its underwriting approach is intended to differentiate it among fintech and lending players active in EV financing.

Total raised

$6M

Funding rounds

1

Latest round

Series A

Latest activity

Feb 2024