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Electric vehicle (EV) ecosystem platform Vidyut has raised $2.5 million in funding from global fintech investor Flourish Ventures, the company announced on Wednesday. The investment will fuel the expansion of Vidyut’s Battery-as-a-Service (BaaS) model across passenger and commercial electric vehicle segments in India.
Founded in 2021 by former Swiggy and Bounce executives Xitij Kothi and Gaurav Srivastava, Vidyut has now raised a total of $16.5 million from investors including 3one4 Capital, Credit Saison, Zephyr Peacock, and Lighthouse Canton.
Vidyut BaaS model separates battery costs from vehicle purchases, allowing customers to subscribe to battery services on a pay-per-kilometer basis. This approach has significantly reduced upfront costs for three-wheeler EVs by 35-40%, making electric mobility more accessible.
"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.
Kothi emphasized that Vidyut mitigates battery degradation risks—a key challenge in EV financing—through advanced data analytics. "By analyzing real-time battery health, discharge patterns, and usage metrics, we can accurately predict battery life and residual value," he explained.
Harsh Gupta, Principal at Flourish Ventures, highlighted the importance of financial solutions in promoting EV adoption. "As India transitions towards sustainable transportation, access to credit will play a crucial role. Vidyut’s BaaS model reduces upfront costs and addresses battery life concerns, making EVs more affordable," he said.
In September 2024, Vidyut entered the passenger EV segment through a partnership with JSW MG Motor India, introducing India’s first BaaS model for four-wheelers, cutting initial vehicle costs by 30%.
The company has also partnered with leading manufacturers including Tata Motors, Mahindra Last Mile Mobility, Piaggio, and Euler Motors. Vidyut’s distribution network now spans 30 cities across India.
Beyond battery leasing, Vidyut has diversified into EV resale and lifecycle management. In 2023, the company launched a resale platform for three-wheeler commercial vehicles, streamlining the inspection, valuation, and documentation process.
This funding comes as India’s EV market continues to expand, with government initiatives and incentives driving greater adoption of electric mobility. As sustainability takes center stage, Vidyut aims to accelerate the transition to cost-effective and accessible EV solutions.
