Vidyut raised $10 M Series A funding from 3one4 Capital
In its Series A round headed by 3one4 Capital, EV financing and vehicle lifecycle management platform Vidyut has raised $10 million. Both new and returning investors participated in the round, including Sujeet Kumar, the CEO of Udaan, Saison Capital, Zephyr Peacock, Force Ventures, and Alteria Capital.
Funding for the Series A round is provided by both debt and equity. According to a press release from the startup, this funding demonstrates the company’s dedication to enhancing EV ownership for SMBs. The startup plans to use the additional funds to expand its offerings to the EV ecosystem.
In addition, Vidyut, which provides lifecycle management, EV insurance, and EV resale, wants to increase its footprint to 40 Indian cities. As part of its plans to develop a full stack EV ecosystem, the company plans to double the size of its workforce by the end of FY25.
Xitij Kothi and Gaurav Srivastava founded the company in 2021, and it provides a battery subscription ownership plan that is driven by in-house asset-underwriting algorithms. For vehicles made by Mahindra, Piaggio, Altigreen, the Murugappa Group’s Montra Electric, Euler Motors, and OSM, it already provides ownership options.
The two-year-old business reported income of Rs 68 lakh and a loss of Rs 3 crore in the most recent fiscal year. Up until FY23, it was in the pre-revenue stage.
Vidyut is a competitor of Revfin, Finayo, Mufin Green Finance, OTO, evfin, and Hero FinCorp in the electric vehicle financing market.
In the last few months, the Indian startup ecosystem has witnessed a rise in funding for companies that are EV financing focused. While Mufin and OTO raised $17 million and $10 million earlier this month, respectively, Revfin raised $14 million in a Series B round in December.