Bengaluru-based electric vehicle (EV) ecosystem platform Vidyut has raised $2.5 million in funding from global fintech investor Flourish Ventures. This investment aims to enhance Vidyut's battery-as-a-service (BaaS) offerings, making EV ownership more accessible and affordable for small and medium-sized businesses (SMBs) in India.
Key Details
- Funding Amount: $2.5 million
- Investor: Flourish Ventures
- Purpose: Expand BaaS offerings in passenger and commercial EV segments
- Impact: Reduce upfront EV costs by 35-40%, making them cheaper than internal combustion engine (ICE) vehicles from day one
- Partnerships: Collaborations with TATA Motors, JSW, MG Motor India, Mahindra Last Mile Mobility, Piaggio, and Euler Motors
- Distribution Network: Presence in 30 cities across India
Founders' Background
Vidyut was founded in 2021 by Xitij Kothi and Gaurav Srivastava, both former executives at Swiggy and Bounce. Their experience in scaling operations and understanding mobility challenges has been instrumental in developing Vidyut's innovative financing solutions for the EV sector.
Funding Details
To date, Vidyut has raised over $16.5 million from investors including 3one4 Capital, Credit Saison, Zephyr Peacock, and Lighthouse Canton. The recent $2.5 million investment from Flourish Ventures will support Vidyut's mission to accelerate India's clean energy transition by expanding its BaaS model, which unbundles batteries from EVs and offers them on a pay-per-kilometer subscription basis.