The full-stack electric car ecosystem platform Vidyut stated in a statement on February 26 that it has received $2.5 million from global fintech investor Flourish Ventures. 

The release stated that further funding will help the business broaden its batter-as-a-service offerings in the passenger and commercial EV industries. The funding will expand Vidyut’s Battery-as-a-Service offerings in the passenger and commercial EV markets.

“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 of Vidyut.

Vidyut was established in 2021 by Kothi and Gaurav Srivastava with the intention of reducing the price of commercial EV ownership and providing customers with a risk-free choice through its ownership plans.  

VT offers a basic term loan plan as well as a hybrid financing option that lowers the initial cost of an EV by 40–50% by combining a vehicle loan with a battery subscription.

The company helps to unbundle batteries from EVs and offer them on a pay-per-kilometre subscription basis, which reduces the initial cost of 3W EVs by 35–40%, “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 of Flourish Ventures.

Prior to this, the company had raised $10 million from investors led by 3One4 Capital in a Series A round. 

Zephyr Peacock, Saison Capital, Alteria Capital, and Force Ventures participated in the round.

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