India's electric vehicle (EV) landscape is poised for a significant transformation as Vidyut (VT) announces a successful Series A funding round, securing $10 million. Collaborating with non-banking financial companies (NBFCs), banks, and original equipment manufacturer (OEM) partners such as Mahindra, Piaggio, and Montra Electric from the Murugappa Group, Vidyut aims to facilitate seamless EV ownership for gig workers and SMBs.
With a strategic vision to reach 40 cities nationwide, the startup also plans to double its workforce by the close of fiscal year 2025. By employing innovative underwriting methodologies and leveraging data analytics, the company is set to unlock new avenues for affordable EV financing.
'Electric vehicles pose new underwriting and product structuring challenges to financiers. Vidyut's model removes EV adoption barriers, especially in the large but price-sensitive driver cum owner segment,' stated Sonal Saldanha, Vice President of Investments at 3one4 Capital.
Central to Vidyut's value proposition is its groundbreaking battery subscription ownership plan, powered by proprietary asset-underwriting algorithms. Already providing ownership solutions for leading EV brands like Mahindra and Piaggio, Vidyut is positioned as a trailblazer in democratizing EV ownership in India.
Mukul Gulati, Managing Partner at Zephyr Peacock, commented, 'The growth of EVs, particularly small-sized commercial vehicles, is driven by the attractive lower total cost of ownership relative to internal combustion engine (ICE) vehicles. We are excited to be a part of Vidyut’s incredible journey.'
With a relentless focus on innovation and customer-centric solutions, Vidyut aims to redefine the EV ownership journey, making it seamless and accessible for India's SMBs.