Ascend Capital, an NBFC backed by Info Edge Ventures, reported a 6.25-fold increase in profit to ₹10 crore for fiscal year 2026, up from ₹1.6 crore in FY25, according to inc42.com. Its total income surged 131% to ₹50.3 crore, while assets under management expanded 46% to ₹238.6 crore during the same period.
Founded in 2019 by Lokesh Chandra and Gaurav Maheshwari, Ascend Capital focuses on financing electric vehicle loans, primarily for three-wheelers such as e-autos and L5 vehicles. The company offers loans between ₹2-4 lakh to consumers purchasing EVs and batteries. As of September 2025, it operated in 60 cities across five states and union territories, with a borrower base of 18,975, concentrated mainly in three states accounting for 87.5% of its portfolio.
The company’s securitised EV loan portfolio demonstrated strong performance, with a collection efficiency of 97.5% as of July 2026 and a low 90+ days past due delinquency rate of 1.3%. However, gross non-performing assets rose to 2.6% from 1.7% in FY25, and the capital-to-risk weighted assets ratio declined to 34.8% from 41%, though it remains well above regulatory requirements. ICRA noted risks related to Ascend’s limited operational history and geographic concentration.
Ascend Capital’s growth reflects rising demand for electric vehicles in India’s three-wheeler segment. The company’s portfolio expansion and improving profitability highlight its emerging role in EV financing. As of July 2026, Ascend maintained a 97.5% collection efficiency on its securitised loans, underscoring its operational strength amid sector challenges.