Vidyut, an electric vehicle (EV) financing startup based in India, has raised $2.5 million from Flourish Ventures. The funding will help the company expand its Battery-as-a-Service (BaaS) offerings for passenger and commercial EVs. Vidyut, founded in 2021, focuses on making commercial EV ownership more affordable through innovative financing models.
India-based full-stack electric vehicle (EV) financing startup Vidyut has secured $2.5 million in funding from global fintech investor Flourish Ventures, the company announced on February 26. This funding round aims to drive the expansion of Vidyut’s Battery-as-a-Service (BaaS) offerings, particularly in the passenger and commercial EV sectors.
Founded in 2021 by Xitij Kothi and Gaurav Srivastava, Vidyut is dedicated to making commercial EV ownership more affordable and risk-free for customers. The startup provides financing solutions that reduce the upfront cost of EVs, making them more accessible. Vidyut’s offerings include a hybrid financing model combining a vehicle loan with a battery subscription, reducing the initial cost of EV ownership by 40-50%. Additionally, the company provides a pay-per-km battery subscription model that lowers the upfront cost of three-wheeler EVs by 35-40%.
With proven unit economics, strong 15% month-on-month growth, and long-term partnerships with OEMs, this investment will help us scale our innovative financing and lifecycle solutions across new vehicle segments.”
Xitij Kothi, co-founder of Vidyut
As the economy transitions to sustainable solutions like electric vehicles, access to credit will be crucial for adoption in India.”
Harsh Gupta, Principal at Flourish Ventures
Previously, Vidyut raised $10 million in a Series A funding round led by 3One4 Capital, with participation from Saison Capital, Zephyr Peacock, Force Ventures, and Alteria Capital. The latest funding round reinforces investor confidence in Vidyut’s mission to revolutionize EV ownership in India.
With this new capital, Vidyut plans to accelerate its expansion and further develop its innovative financing solutions to support the growing EV ecosystem in the country.
