by Ascend Capital, a Jaipur-based electric commercial vehicle (eCV) financing company, has announced plans to raise Rs 500 crore to finance one million eCVs over the next three years.
The company will use the funds to provide loans to eCV buyers, including fleet operators and individual buyers. The loans will be used to purchase new eCVs, as well as to convert existing ICE vehicles to electric.
Ascend Capital said that the demand for eCVs is growing rapidly in India. The company expects to finance over 100,000 eCVs in the next year.
“The demand for eCVs is growing rapidly in India,” said Lokesh Chandra Mittal, co-founder and CEO of Ascend Capital. “We are committed to providing affordable financing solutions to eCV buyers. We believe that our financing will help to accelerate the adoption of eCVs in India.”
The company will raise the funds through a mix of debt and equity. The debt will be raised from banks and financial institutions, while the equity will be raised from private investors.
Ascend Capital was founded in 2019 by Lokesh Chandra Mittal and Gaurav Maheshwari. The company has so far financed over 2,000 eCVs.
The company’s financing solutions are designed to meet the specific needs of eCV buyers. The loans are available for a tenure of up to 10 years, and the interest rates are competitive.
Ascend Capital is well-positioned to capitalize on the growing demand for eCVs in India. The company has a strong track record of providing financing solutions to eCV buyers, and it has a team of experienced professionals who understand the eCV market.
The company’s financing solutions will help to accelerate the adoption of eCVs in India. This will help to reduce pollution and improve air quality in the country.
