EV startup Vidyut raises $10 mn to build full-stack ecosystem

EV Startup Vidyut Raises $10 Million in Series A Funding Round

New Delhi, Feb 20 (IANS) – EV startup Vidyut has successfully raised $10 million in its Series A fundraise, a mix of equity and debt funding led by 3one4 Capital. The company plans to deploy the new funds to scale its new offerings, including EV insurance, lifecycle management, and EV resale. The round also witnessed participation from new and existing investors, namely Saison Capital, Zephyr Peacock, Force Ventures, a venture debt fund Alteria Capital, and CEO of Udaan, Sujeet Kumar.

Founded in 2021, Vidyut aims to expand its presence to 40 cities and double its team size by the end of FY25 as it prepares to build a full stack EV ecosystem. Co-founder Gaurav Srivastava stated, “Our focus is not just on financing but on elevating the entire EV ownership journey for India’s SMBs, who are the backbone of our economy.”

The company already offers ownership solutions for major vehicle brands, including Mahindra, Piaggio, Altigreen, Murugappa Group’s Montra Electric, Euler Motors, and OSM vehicles. Vice President of Investments at 3one4 Capital, Sonal Saldanha, expressed excitement in backing the Vidyut team in their mission to simplify EV ownership, stating “Vidyut’s model removes EV adoption barriers, especially in the large but price-sensitive driver cum owner segment.”

Vice President of Alteria Capital, Dhairen Tohliani, also highlighted the importance of customised financing and lifecycle management solutions in large-scale EV adoption, stating, “After hitting an inflection point, these solutions will play a central role in large scale EV adoption, requiring lenders to evaluate asset risk alongside borrower risk.”

Vidyut’s successful Series A fundraise reflects the growing interest and investment in the EV sector. With plans to expand and innovate, the company is set to make significant contributions to the development and adoption of electric vehicles.