Company Intelligence Profile
Ascend Bizcap Private Limited
Jaipur-based RBI-registered NBFC ("Ascend Capital") providing EV financing — mainly e-rickshaw and e-auto loans — to underserved borrowers in Tier-2/3 Indian cities.
Last updated 4 September 2026
Ascend Bizcap Private Limited, operating under the brand "Ascend Capital," is a Jaipur-based RBI-registered NBFC specializing in electric vehicle financing, particularly e-rickshaw and e-auto loans, for underserved borrowers in Tier-2 and Tier-3 Indian cities. As of September 2025, it had an AUM of ₹177.7 crore across 60 cities and generated revenue of ~₹21.8 crore in FY2024-25. In February 2024, it raised ₹50 crore in a Series A round co-led by Info Edge Ventures and Asha Ventures.
AI-generated summary from public filings and may contain errors. Verify against the detailed sections below.
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Company Identity
| Registered name | Ascend Bizcap Private Limited |
|---|---|
| CIN | U65999RJ2018PTC062101 |
| PAN | AARCA2368P |
| Status | Active |
| Listing | Not listed (unlisted private limited company / RBI-registered NBFC). |
| Incorporated | 29 August 2018 — note: one WebSearch AI summary of a different source stated "29 Dec 2018," but this conflicts with the majority; 29 Aug 2018 treated as confirmed. |
| ROC | Registrar of Companies, Jaipur (Rajasthan) |
| Sector (NIC) | NIC 6599 — "Other financial intermediation n.e.c."; company operates as an RBI-registered NBFC focused on EV (electric vehicle) financing |
| Registered address | 607-609, 606A, 610, 4th Floor, Anchor Mall, Civil Lines, Jaipur, Rajasthan, India – 302006 |
| Authorized capital | ₹16.10 crore (₹161,000,000) |
| Paid-up capital | ₹10.91 crore (₹109,061,580) |
Business Overview
- Ascend Bizcap Pvt. Ltd. (brand "Ascend Capital") is a Jaipur-headquartered, RBI-registered NBFC founded in 2018 by Lokesh Chandra and Gaurav Maheshwari (both IIT Madras alumni)
- It provides financing for new commercial electric vehicles — primarily e-rickshaws and L5-category e-autos/e-loaders — to individuals and fleet operators in underserved Tier-2/Tier-3 cities, using AI-assisted underwriting
- As of Sept 30, 2025 it had a loan portfolio (AUM) of ₹177.7 crore across ~60 cities in 5 states/UTs, serving 18,975 borrowers, with the top-3 states/UTs making up 87.5% of the book; it has financed 9,000+ EVs since inception and targets ~₹300 crore AUM by March 2027
Directors
| Name | DIN | Role | Appointed |
|---|---|---|---|
| Gaurav Maheshwari | 08120566 | Director & Shareholder & Co-founder | - |
| Lokesh Chandra | 08120588 | Director & Shareholder & Co-founder | - |
GST Registration
| GSTIN | State | PAN | Status |
|---|---|---|---|
| 08AARCA2368P1ZV | Rajasthan | AARCA2368P [Tofler; consistent with GSTIN prefix] | Active |
Primary GSTIN: 08AARCA2368P1ZV (state code 08 = Rajasthan), registered 26-06-2019, legal name "Ascend Capital"/Ascend Bizcap Pvt Ltd, PAN AARCA2368P (matches company PAN) [KnowYourGST search result]. Home state: Rajasthan. Number of total GSTIN registrations across states: not obtained (company operates lending in 5 states/UTs but a lending NBFC typically does not need GST registration in every operating state; only the Rajasthan GSTIN could be confirmed). Status: presumed active, not independently verified on a live GSTIN status page in this pass — partial.
Financials
- Revenue ~₹21.8 crore. FY2023-24: Revenue in ₹10-25 crore band, YoY revenue growth 96.62%, EBITDA growth 134.8%, net profit change -39.69% (PAT margin -1.55%, i.e. loss-making on net basis that year), net worth growth 202.05%, borrowings growth 47.12%, assets growth 69.75%, ROCE 4.01%, debt-to-equity -1.98. As of 30 Sept 2025: Net worth ₹65.0 crore, managed gearing 2.0x, AUM ₹177.7 crore. Basis: standalone (single-entity NBFC financials); figures are from aggregator estimates/ICRA rationale, not a directly sighted audited financial statement — treat as partial/confirmed-by-secondary-source rather than primary-filing
Funding
- Series A: ₹50 crore (~US$6.02 million) raised in February 2024, co-led by Info Edge Ventures and Asha Ventures
- Company aims to scale AUM to ~₹300 crore by March 2027 (ICRA)
- No other public funding rounds confirmed in this pass
In the News
ICRA has maintained the rating of Ascend Bizcap's electric three-wheeler PTCs
Traders Union · a month ago
Headlines about Ascend Bizcap Private Limited reported by third-party publications. Recur Club does not author or endorse this coverage. Last checked 9/6/2026.
Source: Google News aggregated headlines
Charges / Borrowings
- Multiple secured charges/borrowing facilities from NBFC/bank lenders reflect its on-lending (co-lending/debt-funded) NBFC model
- Top charge holders reported: Northern Arc Capital Limited (~₹33 crore), Vivriti Capital Limited (~₹32 crore), Ambium Finserve Private Limited (~₹20 crore)
- Exact charge IDs/dates/current outstanding amounts: not obtained
Credit Ratings
- ICRA: [ICRA]BBB- (Stable) — initially assigned per rationale dated ~2024 (id 136851), reaffirmed in a Sept 2025 rationale (id 137456) and again in a Dec 9, 2025 rationale (id 139488), which cites net worth ₹65.0 crore and managed gearing 2.0x as of 30 Sept 2025. [ICRA rating rationale PDFs, icra.in — entity-specific, matches this CIN's registered name "Ascend Bizcap Private Limited," not a group entity]
- No CRISIL or CARE rating found for this entity
Competitors
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