EV startup Vidyut raises $10 million, aims to expand to 40 cities

Vidyut to deploy new funds to scale its new offerings include EV insurance, lifecycle management, and EV resale

Vidyut (VT), an electric vehicle ecosystem startup, has raised $10 million in its Series A fundraise, led by 3one4 Capital. The round also witnessed participation from new and existing investors, namely Saison Capital, Zephyr Peacock, Force Ventures, Alteria Capital, and Udaan co-founder Sujeet Kumar. The Series A round is a mix of equity and debt funding.

This funding would help Vidyut improve its efforts towards EV ownership for small and medium-sized businesses (SMBs) and aligning with India's transition towards clean energy. The startup will utilise the new funds to scale its offerings to the EV ecosystem. Vidyut will now offer EV insurance, lifecycle management, and EV resale, with an aim to simplify the entire EV ownership experience. It is also looking to expand its presence to 40 Indian cities. The company will be doubling its team size by the end of financial year 25 as it prepares to build a full-stack EV ecosystem.

 

"Our focus is not just on financing but on elevating the entire EV ownership journey for India’s SMBs,” said Gaurav Srivastava, co-founder of Vidyut.

Sonal Saldanha, Vice President, Investments, 3one4 Capital said Vidyut's model removes EV adoption barriers, especially in the large but price-sensitive driver cum owner segment.

The company has a one-of-a-kind battery subscription ownership plan powered by asset-underwriting algorithms. The company already offers ownership solutions for Mahindra, Piaggio, Altigreen, Murugappa Group’s Montra Electric, Euler Motors, and OSM vehicles.

Mukul Gulati, Managing Partner, Zephyr Peacock, said 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.

After hitting an inflection point, Dhairen Tohliani, Vice President, Alteria Capital, said that customised financing and lifecycle management solutions will play a central role in large-scale EV adoption.

“The adoption of EV is inevitable and this is creating a massive need for redefining the overall EV ownership experience,” said Visa Kannan, Partner, Saison Capital.