Vidyut (VT), a comprehensive electric vehicle (EV) ecosystem startup, has successfully raised $10 million in its Series A funding round, led by 3one4 Capital. The investment round also saw participation from notable investors such as Saison Capital, Zephyr Peacock, Force Ventures, venture debt fund Alteria Capital, and Sujeet Kumar, CEO of Udaan. This funding round, comprising both equity and debt financing, marks a significant milestone for Vidyut, reaffirming its dedication to enhancing EV ownership experiences for small and medium-sized businesses (SMBs) and aligning with India’s transition towards clean energy.
The startup plans to utilize the newly acquired funds to expand its offerings within the EV ecosystem. Vidyut will now extend its services to include EV insurance, Lifecycle Management, and EV resale, with the goal of streamlining the entire EV ownership journey. Furthermore, the company aims to broaden its presence to encompass 40 cities across India and intends to double its team size by the end of FY-25 as part of its strategy to build a comprehensive EV ecosystem.
Sonal Saldanha, Vice President of Investments at 3one4 Capital, expressed excitement about backing Vidyut’s mission to simplify EV ownership. She highlighted the challenges posed by EV adoption and underscored Vidyut’s innovative approach in overcoming these barriers.
Vidyut’s distinctive offering lies in its pioneering battery subscription ownership plan, powered by proprietary asset-underwriting algorithms. The company has already established ownership solutions for prominent brands such as Mahindra, Piaggio, Altigreen, Murugappa Group’s Montra Electric, Euler Motors, and OSM vehicles.
Mukul Gulati, Managing Partner at Zephyr Peacock, emphasized the significance of Vidyut’s role in democratizing EV ownership in India, particularly for small-sized commercial vehicles. He commended the company’s efforts in making EVs more accessible through its innovative financing solutions.
Dhairen Tohliani, Vice President at Alteria Capital, highlighted the importance of customized financing and lifecycle management solutions in driving large-scale EV adoption. He praised Vidyut’s execution capabilities and expressed confidence in its ability to catalyze India’s transition to sustainable mobility.
Visa Kannan, Partner at Saison Capital, echoed similar sentiments, emphasizing the need for differentiated products and solutions in the EV financing and lifecycle management space. He expressed excitement about partnering with Vidyut in revolutionizing India’s EV ecosystem.
Gaurav Srivastava, co-founder of Vidyut, expressed gratitude for the investment and emphasized the company’s commitment to enhancing the EV ownership experience for India’s SMBs. He underscored Vidyut’s focus on combining technology and financial services to deliver a seamless, integrated experience for its customers.
Founded in 2021, Vidyut has emerged as a leader in simplifying commercial EV ownership, making it more affordable and risk-free. Leveraging its unique asset-underwriting algorithms and battery health data analysis, the company has successfully introduced innovative financing solutions, thereby making EVs more accessible to a wider market.
