Full-stack electric vehicle ecosystem platform Vidyut has raised $2.5 million in funding from global fintech investor Flourish Ventures, the company said in a statement on February 26.
The new funds raised will fuel the expansion of the company’s batter-as-a-service offerings in both passenger and commercial EV spaces, the statement added. The funding will fuel expansion of Vidyut's Battery-as-a-Service offerings in both passenger and commercial EV segments.
“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.
Founded in 2021 by Kothi and Gaurav Srivastava, Vidyut aims to make commercial EV ownership affordable, and a risk-free proposition for customers through its ownership plans.
VT offers two ownership plans: a hybrid financing model of a vehicle loan with a battery subscription, which brings down the upfront EV cost by 40-50 percent, and a traditional term loan plan.
The startup helps unbundling batteries from EVs and offering them on a pay-per-km subscription basis, which cuts upfront cost of 3W EVs by 35-40 percent, “making them significantly cheaper than ICE vehicles from day one”.
"We at Flourish Ventures believe that finance will have a key role in enabling actions towards climate change. As the economy transitions to sustainable solutions like electric vehicles, access to credit will play a key role to adoption in India,” said Harsh Gupta, Principal, Flourish Ventures.
Earlier, Moneycontrol had reported that the startup has raised $10 million from investors led by 3One4 Capital in a Series A round.
Saison Capital, Zephyr Peacock, Force Ventures and Alteria Capital also participated in the round.
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