Vidyut, a full-stack EV ecosystem startup, has raised USD 10 million in a mix of equity and debt in a Series A round. The round was led by 3one4 Capital, and saw participation from Saison Capital, Zephyr Peacock, Force Ventures, venture debt fund Alteria Capital and Udaan CEO Sujeet Kumar.
The startup aims at facilitating easier EV ownership for small and large businesses by offering solutions such as EV insurance, lifecycle management and EV resale. The company’s proprietary asset-underwriting algorithm and battery health analysis have helped it offer financing through a battery subscription financing model. Its clients include Mahindra, Piaggio, Altigreen, Murugappa Group’s Montra Electric, and others.
“Our focus is not just on financing but on elevating the entire EV ownership journey for India’s SMBs,” Gaurav Srivastava, co-founder of Vidyut, said.
The startup will utilize the new funds to scale its offerings to the EV ecosystem. It is looking to expand its presence to 40 cities and double team size by the end of fiscal year 2025.
“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,” Sonal Saldanha, vice-president, Investments, 3one4 Capital.
