Vidyut, a full-stack electric vehicle (EV) ecosystem platform, has raised $2.5 million in funding from global fintech investor Flourish Ventures.
The funds raised will be used to expand its Battery-as-a-Service (BaaS) offerings in both passenger and commercial EV segments.
“With proven unit economics, strong 15 percent 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. Vidyut has solved one of EV financing’s biggest challenges – battery degradation risk. By analyzing real-time performance data across state of health, discharge patterns, and usage metrics, we accurately predict battery life and value. This data-driven approach enables us to offer usage-based financing that aligns with actual asset performance, making EVs both affordable and financially viable for businesses in a way traditional finance cannot replicate. We’re excited to partner with Flourish Ventures to make EVs accessible and profitable for businesses nationwide,” said Xitij Kothi, Co-Founder, Vidyut.
“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. With its unique Battery-as-a-Service offering, Vidyut provides innovative financial solutions that help users reduce their upfront costs while addressing common concerns around battery life and replacement costs. We are continually impressed by the team and the growth they have demonstrated, and we look forward to their continued impact in accelerating the transition to climate-friendly solutions,” said Harsh Gupta, Principal, Flourish Ventures.
Founded in 2021 by 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 3W EV costs by 35-40%, making them significantly cheaper than ICE vehicles from day one.
In 2023, Vidyut expanded its offering to include EV resale and lifecycle management solutions, a move that has seen rapid customer adoption and market traction. In Sep 2024, the company entered the passenger EV market through a partnership with JSW MG Motor India, marking India’s first BaaS model for four-wheelers that cuts upfront vehicle costs by 30 percent.
With key industry partners like TATA Motors, JSW MG Motor India, Mahindra Last Mile Mobility, Piaggio, Euler Motors, and a strong distribution network across 30 cities, Vidyut has empowered micro-entrepreneurs and fleet operators to make sustainable choices, while increasing their earnings by 10-15% through EV adoption.
