Vidyut Secures USD 2.5 Mn to Scale Battery-as-a-Service Model for EVs To date, Vidyut has raised USD 16.5 million from investors, including 3one4 Capital, Saison Capital, Zephyr Peacock, and Flourish Ventures.
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Vidyut, a full-stack electric vehicle (EV) ecosystem platform, has raised USD 2.5 million in funding from global fintech investor Flourish Ventures.
The capital infusion will drive the expansion of Vidyut's Battery-as-a-Service (BaaS) model, catering to both passenger and commercial EV segments. This investment underscores Vidyut's commitment to accelerating India's clean energy transition by making EV ownership more accessible and cost-effective for small and medium businesses (SMBs).
"With proven unit economics, strong 15% month-on-month growth, and long-term OEM partnerships, this investment will help us scale our innovative financing and lifecycle solutions across new vehicle segments," said Xitij Kothi, Co-Founder, Vidyut. "Vidyut has solved one of EV financing's biggest challenges - battery degradation risk. By analyzing real-time performance data across state of health, discharge patterns, and usage metrics, we accurately predict battery life and value. This data-driven approach enables us to offer usage-based financing that aligns with actual asset performance, making EVs both affordable and financially viable for businesses in a way traditional finance cannot replicate. We're excited to partner with Flourish Ventures to make EVs accessible and profitable for businesses nationwide."
Founded in 2021 by former Swiggy and Bounce executives Xitij Kothi and Gaurav Srivastava, Vidyut has revolutionised commercial EV financing. By separating the battery from the vehicle and offering it on a pay-per-kilometer subscription model, Vidyut has reduced the upfront cost of three-wheeler EVs by 35-40%, making them cheaper than internal combustion engine (ICE) vehicles from the outset.
Harsh Gupta, Principal at Flourish Ventures, said, "As India transitions to sustainable solutions like electric vehicles, access to credit will be a key enabler of adoption. Vidyut's Battery-as-a-Service model addresses common concerns around battery costs and longevity while reducing financial barriers for businesses. Their growth and impact have been impressive, and we are excited to support their mission," he said.
Vidyut has rapidly expanded its offerings, introducing EV resale and lifecycle management solutions in 2023. The company entered the passenger EV segment in September 2024 through a partnership with JSW MG Motor India, launching India's first four-wheeler BaaS model that lowers upfront costs by 30%.
With partnerships spanning major OEMs like TATA Motors, Mahindra Last Mile Mobility, Piaggio, and Euler Motors, Vidyut operates in over 30 cities, helping micro-entrepreneurs and fleet operators boost their earnings by 10-15% through EV adoption.
To date, Vidyut has raised USD 16.5 million from investors, including 3one4 Capital, Saison Capital, Zephyr Peacock, and Flourish Ventures.
