 "Electric vehicles")
Electric vehicle startup Vidyut on Tuesday said it has secured USD 10 million capital funding comprising equity and debt in Series A fundraising for expanding its bouquet of services.
The Series A funding round was led by 3one4 Capital along with participation from new and existing investors such as Saison Capital, Zephyr Peacock, Force Ventures, Alteria Capital and CEO of Udaan Capital Sujeet Kumar, the company said in a statement.
Vidyut said it will now offer EV insurance, lifecycle management, and EV resale, and it is also looking to expand its presence to 40 cities.
The company said it aims to double the headcount by the end of next fiscal as it prepares to build a full-stack EV ecosystem and that it will utilise the fresh capital to scale its offerings to the EV ecosystem.
"Our focus is not just on financing but on elevating the entire EV ownership journey for India's SMBs, who are the backbone of our economy," said Gaurav Srivastava, Co-founder of Vidyut.
Founded in 2021, Vidyut offers financing to EV customers through its subscription ownership plan powered by proprietary asset-underwriting algorithms.
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The company currently offers ownership solutions for a host of EV makers.
"Electric vehicles pose new underwriting and product structuring challenges to financiers. Besides these vehicles are also meaningfully expanding the role of data in the lifecycle of a financing journey and make new lending models possible," said Sonal Saldanha, Vice President, Investments, 3one4 Capital.
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