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Ascend Capital is planning to raise Rs 500 crore over the next 18 months as it looks to finance over one million electric commercial vehicles by 2030, the company said in a statement.

Founded by Lokesh Chandra Mittal and Gaurav Maheshwari in 2019, the Jaipur-based electric commercial vehicle (eCV) financing firm has so far invested about Rs 80 crore in its own business and has financed over 8,000 commercial EVs.

“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, said.

Mittal said these funds will be raised from climate finance, sustainability, and financial inclusion-focused impact investors.

The company sees a huge potential in financing eCVs, he said, adding that plans are afoot to finance 1 million vehicles by 2030.

However, if there is an opportunity, the company might explore other segments, including electric two-wheelers, he said.

The company said it is looking to expand its presence across Rajasthan, Uttar Pradesh, Madhya Pradesh, and Delhi-National Capital Region, and subsequently move to other parts of the country as per its action plan under vision 2030.