Vidyut Raises $4 Million In First Round Of Funding Using battery health data and its proprietary underwriting model, Vidyut manages to extract a high residual value for EVs, helping customers get an effective interest rate of as low as 7 per cent
By Teena Jose
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Vidyut (VT), a platform for EV financing and vehicle lifecycle management, has raised $4 million in a mix of equity and debt in a round co-led by Force Ventures, Veda VC, and a clutch of strategic angels in the clean energy space. The round also witnessed participation from Sujeet Kumar (Udaan), Sahil Barua (Delhivery), Kunal Shah (CRED), Sriharsha Majety (Swiggy), and Rajat Verma (Lohum).
"The lifecycle and the ownership journey of an electric ride are very different from those of an ICE vehicle. The market needs financing solutions tailored for EVs. At Vidyut, we are leveraging EV tech, with support from our OEM partners, to build a technology stack that fundamentally changes the ownership experience. We are excited to have marquee investors, who understand these nuances, join us in our journey," said Xitij Kothi, co-founder, Vidyut.
Using battery health data and its proprietary underwriting model, Vidyut manages to extract a high residual value for EVs, helping customers get an effective interest rate of as low as 7 per cent. This is almost on par with the ROI offered by PSU banks in this sector for conventional vehicles with an internal combustion engine (ICE), claimed by the company in a statement.
"In a short period, Vidyut has demonstrated a strong user value proposition and product- market fit, both on the side of customers buying vehicles as well as financial services stakeholders, who depend on the platform's proprietary models and technology solutions. We are excited by the team's execution and their long-term orientation as they build the platform of choice for India's EV ecosystem," said Karthik Bhat, a partner at Force Ventures.
Founded in 2021 by Xitij Kothi and Gaurav Srivastava, Vidyut makes commercial EV ownership simple, affordable, and a risk-free proposition for customers through its unique ownership plans.
