Vidyut Partners JSW MG Motor India For BaaS Programme This programme offers a unique pay-as-you-go battery rental programme which reduces the running cost by 40 per cent.
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Vidyut, a Bengaluru based EV ecosystem start-up has partnered with JSW MG Motor India to launch Battery-as-a-service (BaaS) financing for passenger cars-MG Comet EV, MG Windsor EV, and MG ZS EV.
Under the BaaS programme, customers will have to pay a minimum rental fee starting at INR 2.5/km as per the battery usage. This initiative will enable EV owners to pay for the battery on rent, helping them to reduce the running cost by 40 per cent as compared to traditional ICE vehicles.
Unlike ICE vehicles, which incur ongoing fuel costs, Battery-as-a-service (BaaS) model enables customers to pay solely for the vehicle (Minus Battery), significantly reduces the initial acquisition cost of the EV, cutting driving expenses and making EV ownership more accessible and worry-free.
Commenting on the partnership, Xitij Kothi, Co-Founder, Vidyut said,"People think of battery as an asset, but we think battery as a fuel. So why should you pay for it when the vehicle is not on the road? This very question inspired us to introduce Battery-as-a-Service (BaaS) into the EV ecosystem. And now we are excited to extend that same level of innovation to personal four-wheeler vehicles with JSW MG Motor India."
Meanwhile Gaurav Gupta, Chief Growth Officer, JSW MG Motor India said that as a young startup, we appreciate Vidyut's approach towards this unique and industry-first ownership programme to make passenger EVs more accessible and further boost EV adoption in India.
"We are delighted to partner with Vidyut, as one of our financing partners, to introduce BaaS, to address the barrier of incremental upfront cost of owning an EV and reducing the overall running cost significantly. With this innovative program, we are confident that this model will incentivize more potential EV buyers enabling them to upgrade to an EV lifestyle," he said.
Recently, Vidyut also forayed into sale and financing of Used EVs to support the resale of 3-wheeler commercial EVs in Delhi NCR, Bengaluru, and Hyderabad. The startup currently operates in over 30 cities in India with OEM partners such as Tata Motors, Mahindra, Euler Motors, Piaggio, Greaves, Murugappa Group's Montra Electric, and Altigreen.
