EV Financing Startup Vidyut Secures USD 10 Mn in Series A Led by 3one4 Capital The Bengaluru-based EV Financing Startup Vidyut will deploy new funds to scale its new offerings that include EV insurance, lifecycle management and EV resale.
By Entrepreneur Staff •
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Commercial EV financing startup Vidyut has announced the raising of USD 10 million in its Series A (mix of equity and debt funding) round led by 3one4 Capital. Both new and existing investors participated in the round, including Saison Capital, Zephyr Peacock, Force Ventures, a venture debt fund Alteria Capital and CEO of Udaan, Sujeet Kumar.
The startup plans to utilise the raised funds to scale its offerings to the EV ecosystem. It will now extend its reach to 40 Indian cities and provide EV insurance, lifecycle management and EV resale. It also aims to increase its headcount by the end of FY25.
Gaurav Srivastava, Co-founder of Vidyut, said, "This investment is a testament to our innovative approach in combining technology and financial services to serve the EV market. 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."
Founded in 2021 by Gaurav Srivastava and Xitij Kothi, Vidyut is an EV tailored platform which offers end-to-end solutions for purchase, financing and resale to the customers.
The startup offers a battery subscription ownership plan powered by proprietary asset-underwriting algorithms. It claims to provide ownership solutions for Mahindra, Piaggio, Altigreen, Murugappa Group's Montra Electric, Euler Motors and OSM vehicles.
"Electric vehicles pose new underwriting and product structuring challenges to financiers. EVs also meaningfully expand the role of data in the lifecycle of a financing journey and make new lending models possible. Vidyut's model removes EV adoption barriers, especially in the large but price sensitive driver cum owner segment," stated Sonal Saldanha, Vice President, Investments, 3one4 Capital.
"After hitting an inflection point, customized financing and lifecycle management solutions will play a central role in large scale EV adoption, requiring lenders to evaluate asset risk alongside borrower risk. Through its unique offerings, VidyutTech addresses this whitespace by passing on the favourable TCO of an EV to users upfront," added Dhairen Tohliani, Vice President, Alteria capital.
