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.
AI-generated summary from public filings and may contain errors. Verify against the detailed sections below.
Company Identity
Confirmed| Registered name | Ascend Bizcap Private Limited |
|---|---|
| CIN | U65999RJ2018PTC062101 |
| PAN | AARCA2368P [Tofler; consistent with GSTIN prefix] |
| Status | Active |
| Listing | Not listed (unlisted private limited company / RBI-registered NBFC). [Tofler, Falconebiz] |
| Incorporated | 29 August 2018 [Tofler, Falconebiz, TheCompanyCheck search snippet] — note: one WebSearch AI summary of a different source stated "29 Dec 2018," but this conflicts with the majority (Tofler/Falconebiz/Zaubacorp all say 29 Aug 2018); 29 Aug 2018 treated as confirmed. |
| ROC | Registrar of Companies, Jaipur (Rajasthan) [Tofler, Falconebiz] |
| Sector (NIC) | NIC 6599 — "Other financial intermediation n.e.c."; company operates as an RBI-registered NBFC focused on EV (electric vehicle) financing [Tofler, TheCompanyCheck, ICRA rating rationale] |
| Registered address | 607-609, 606A, 610, 4th Floor, Anchor Mall, Civil Lines, Jaipur, Rajasthan, India – 302006 [Tofler, Falconebiz, Zaubacorp] |
| Authorized capital | ₹16.10 crore (₹161,000,000) [Tofler, Falconebiz] |
| Paid-up capital | ₹10.91 crore (₹109,061,580) [Tofler, Falconebiz] |
Business Overview
Confirmed- 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. [ICRA rating rationale (Dec 2025), Inc42, YourStory, official site ascendcap.in]
Directors
Partial / conflicting| Name | DIN | Role | Appointed |
|---|---|---|---|
| Gaurav Maheshwari | 08120566 | Director/Shareholder, co-founder | - |
| Lokesh Chandra | 08120588 | Director/Shareholder, co-founder. [Tofler for DINs | - |
GST Registration
Partial / conflicting| 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
Partial / conflicting- FY2024-25 (ending 31 Mar 2025): Revenue ~₹21.8 crore [TheCompanyCheck/search-derived]
- 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 reported) [TheCompanyCheck]
- As of 30 Sept 2025 (per ICRA rating rationale, Dec 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-confirmed
Funding
Confirmed- Series A: ₹50 crore (~US$6.02 million) raised in February 2024, co-led by Info Edge Ventures and Asha Ventures [Inc42, YourStory]
- Company aims to scale AUM to ~₹300 crore by March 2027 (ICRA)
- No other public funding rounds confirmed in this pass
- Tracxn lists a full company profile but was not directly fetched for round-name verification — funding amount/investors confirmed via Inc42 + YourStory (2 independent sources)
Charges / Borrowings
Partial / conflicting- 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) [TheCompanyCheck]
- Exact charge IDs/dates/current outstanding amounts: not obtained (would require MCA charge index, which is a blocked source per instructions)
Credit Ratings
Confirmed- 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
ConfirmedEV/e-rickshaw and commercial-vehicle-financing NBFC peers of similar or larger scale: Revfin (EV-focused NBFC, founded by Sameer Aggarwal, similar underserved-borrower e-rickshaw/2W-3W focus, comparable early-stage scale), Three Wheels United (light-EV financing via NBFC partner Shabri Investments, similar scale/segment), V-Pay Finance (RBI-registered NBFC for e-2W/3W financing, similar scale), cKers Finance (electric 3-wheeler financing, similar scale), Credifin Limited (EV financing via manufacturer tie-ups, similar scale), and much-larger diversified vehicle financiers that also serve this segment such as Mahindra Finance and Bajaj Finserv (large-scale, diversified NBFCs where EV/e-rickshaw is one product line, not their core focus). [WebSearch aggregation of industry sources — RMI, Outlook Business, Amule Easing blog]
Frequently Asked Questions
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