Vidyut has secured $2.5 million in fresh funding from global fintech investor Flourish Ventures. This investment will support Vidyut’s expansion in the passenger vehicle segment and further scale its commercial EV financing solutions.
The Battery-as-a-Service (BaaS) model reduces initial costs for three-wheeler (3W) commercial EVs by 35-40% making them more affordable than traditional internal combustion engine (ICE) vehicles from the outset. The company claims its model cuts EV ownership costs by up to 65%, encouraging faster adoption among businesses.
Xitij Kothi, Co-Founder, Vidyut, stated 'By analysing real-time data on battery state of health, discharge patterns, and usage metrics, we can accurately predict battery lifespan and residual value. This enables us to offer usage-based financing that aligns with actual asset performance, something traditional financing models cannot achieve.' He added that Vidyut has been growing at 15% month-on-month and, with strong OEM partnerships, is well-positioned to scale across new vehicle categories.
Vidyut has secured a strong network of industry partners, including Mahindra, Tata Motors, JSW MG Motor India, Piaggio, Euler Motors, and a dealership network spanning 30 cities. The company has also expanded its business model beyond financing, launching an EV resale platform for commercial vehicles that streamlines the entire resale process—from inspection and valuation to sale and registration. According to Vidyut, commercial EV owners can realise up to 10-15% higher resale value compared to ICE vehicles in the secondary market.
In September 2024, Vidyut entered the passenger EV segment by partnering with JSW MG Motor India, marking India’s first BaaS model for four-wheelers. This initiative cuts upfront vehicle costs by 30%, making electric cars more affordable for consumers and businesses.
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