Full-stack electric vehicle ecosystem platform Vidyut has raised $2.5 million in funding from global fintech investor Flourish Ventures.
Among other well-known investors, Vidyut has raised more than $16.5 million so far from 3one4 Capital, Credit Saison, Flourish Ventures, Zephyr Peacock, and Lighthouse Canton. The company’s $10 million Series A round was completed in February of last year.
Vidyut’s battery-as-a-service (BaaS) offerings in the passenger and commercial EV segments will grow thanks to the funding. By making EV ownership accessible and affordable for SMBs, this investment furthers Vidyut’s goal of expediting India’s clean energy transition, the company stated in a press release.
Vidyut transformed commercial EV financing when it was founded in 2021 by former Swiggy and Bounce executives Xitij Kothi and Gaurav Srivastava. By disentangling EV batteries and making them available on a pay-per-kilometer subscription basis, Vidyut was able to cut the initial cost of three-wheeler (3W) EVs by 35–40%, making them substantially less expensive than ICE cars right away.
The addition of EV resale and lifecycle management solutions to Vidyut’s portfolio in 2023 was well received by customers and gained market traction. Through a partnership with JSW MG Motor India, the company entered the passenger EV market in September 2024, launching India’s first four-wheeler BaaS model that reduces upfront vehicle costs by 30%.
With a robust distribution network that spans 30 cities and important industry partners like TATA Motors, JSW, MG Motor India, Mahindra Last Mile Mobility, Piaggio, and Euler Motors, Vidyut has made it possible for fleet operators and micro-entrepreneurs to adopt EVs and make more money by 10-15% while also embracing sustainable choices.
“With proven unit economics, strong 15% month-on-month growth, and long-term OEM partnerships, this investment will help us scale our innovative financing and lifecycle solutions across new vehicle segments,” said Xitij Kothi.
For the three-wheeler commercial vehicle market, the Bengaluru-based company also introduced an EV resale platform that handles every step of the procedure, from valuation and inspection to sale and RTO paperwork. The company claims that this new platform has made it easier for commercial EV owners to resell their vehicles and has assisted customers in achieving secondary market returns that are up to 10-15% higher than those of their ICE counterparts.
OTO, Evfin, Hero FinCorp, Revfin, Finayo, and Mufin Green Finance are some of Vidyut’s rivals in the electric vehicle financing market.
