Sources with knowledge of the specifics claim that Vidyut, a platform for EV financing and vehicle lifecycle management, is expected to raise $10 million in its Series A round of funding. The Bengaluru-based company is raising capital for the first time this year with this round.
After issuing 6,185 Series A CCPS at an issue price of Rs 64,690 per share, the company has already received $5 million, according to a regulatory filing accessed through the Registrar of Companies.
With a contribution of Rs 22.2 crore, 3one4Capital led the round, followed by Rs 7.1 crore from Zephyr Peacock India Fund and Rs 8 crore from Saison Capital. During the round, LetsVentures, Angellist, and well-known angel investors like Sujeet Kumar and Rajiv J Chaudhri collectively contributed Rs 2.7 crore.
The company is reportedly valued at approximately Rs 148 crore, or $18 million, after allocation, according to the media. The remaining $5 million will soon arrive in the company’s coffers, according to sources.
With 15% of the new proceeds, 3one4Capital surpassed Zephyr Peacock India Growth Fund and Saison Capital, who hold 13.96% and 5.41% of the total, respectively, to become the largest external stakeholder. To view the entire captable, visit TheKredible.
A resolution to increase the size of Vidyut’s ESOP pool by 768 new options was also passed, bringing the total number of ESOPs in the pool to 1,879 Esops.
The company has successfully completed its $4 million seed round, which consisted of a combination of debt and equity and was led by Force Ventures, Veda VC, and several prominent investors such as Sujeet Kumar, Kunal Shah, Shriharsha Majety, and others.
Vidyut is a 2021 startup that specializes in helping fleet owners of commercial vehicles. The company offers electric vehicle (EV) financing and ownership plans designed to mitigate the risks associated with owning a battery.
In the previous fiscal year, which ended in March 2023, the two-year-old company, which is in the pre-revenue stage, reported an income of Rs 68 lakh and a loss of Rs 3 crore.
OTO, evfin, Hero FinCorp, Finayo, Revfin, and Mufin Green Finance are some of the competitors of Vidyut in the electric vehicle financing market.
