Vidyut raises $2.5 Mn to expand battery-as-a-service financing biz
Full-stack electric vehicle ecosystem platform Vidyut has raised $2.5 million in funding from global fintech investor Flourish Ventures. To date, Vidyut has raised over $16.5 million from 3one4 Capital, Credit Saison, Flourish Ventures, Zephyr Peacock, Lighthouse Canton, and other prominent investors. The firm concluded its $10 million Series A round in February last year. The funding will fuel the expansion of Vidyut's battery-as-a-service (BaaS) offerings in both passenger and commercial EV segments. This investment reinforces Vidyut's mission to accelerate India's clean energy transition by making EV ownership accessible and affordable for SMBs, the company said in a press release. Founded in 2021 by ex-Swiggy and Bounce executives Xitij Kothi and Gaurav Srivastava, Vidyut revolutionized commercial EV financing. By unbundling batteries from EVs and offering them on a pay-per-km subscription basis, Vidyut reduced upfront three-wheeler (3W) EV costs by 35-40%, making them significantly cheaper than ICE vehicles from day one.