Electric Vehicle (EV) startup Vidyut has successfully raised USD 10 million in Series A funding. The financing, comprising a blend of equity and debt, represents a significant milestone for Vidyut as it embarks on its mission to revolutionize the EV landscape in India.
Led by prominent venture capital firm 3one4 Capital, the Series A funding round garnered participation from a consortium of investors, including Saison Capital, Zephyr Peacock, Force Ventures, Alteria Capital, and Sujeet Kumar, CEO of Udaan Capital. This diverse pool of investors underscores the widespread confidence in Vidyut’s vision and underscores the growing importance of sustainable mobility solutions in India’s evolving economic landscape.
The infusion of capital positions Vidyut to diversify its portfolio and expand its service offerings beyond vehicle ownership. Among the key initiatives on the horizon are the introduction of EV insurance, lifecycle management, and EV resale services. Additionally, Vidyut aims to extend its presence to 40 cities across India, underscoring its commitment to democratizing access to electric mobility solutions nationwide.
With an eye towards scalability, Vidyut plans to double its workforce by the end of the next fiscal year. This strategic expansion aligns with the company’s overarching goal of building a comprehensive full-stack EV ecosystem, characterized by innovation, inclusivity, and customer-centricity.
Gaurav Srivastava, Co-founder of Vidyut, emphasized the company’s broader mission, stating, “Our focus extends beyond mere financing; we are dedicated to enhancing the entire EV ownership journey for India’s SMBs, who form the backbone of our economy.” This customer-centric approach underscores Vidyut’s commitment to driving societal change through sustainable mobility solutions tailored to the needs of businesses and consumers alike.
Since its inception in 2021, Vidyut has distinguished itself by pioneering innovative financing solutions tailored specifically for the EV market. Central to its offerings is a subscription-based ownership model, underpinned by proprietary asset-underwriting algorithms, which aims to democratize access to EVs and overcome traditional barriers to ownership.
Sonal Saldanha, Vice President of Investments at 3one4 Capital, commented on the evolving landscape of EV financing, noting, “Electric vehicles present unique underwriting and product structuring challenges to financiers. Moreover, these vehicles are catalyzing a paradigm shift in the role of data within the financing lifecycle, paving the way for innovative lending models.” This observation underscores the pivotal role of data-driven insights in shaping the future of EV financing, driving greater efficiency and accessibility within the industry.
In summary, Vidyut’s successful Series A funding round marks a significant milestone in the company’s journey, signifying its emergence as a key player in India’s rapidly evolving EV ecosystem. Armed with fresh capital and a steadfast commitment to excellence, Vidyut is poised to accelerate the adoption of electric mobility solutions, driving sustainable change and redefining the future of transportation in India and beyond.
