In a significant development for the electric vehicle (EV) industry, Vidyut, formerly known as Vidyut Tech, has successfully raised $10 million in a combination of equity and debt financing. Led by new investor 3one4 Capital, the funding round also saw participation from esteemed venture capital firms Saison Capital, Zephyr Peacock, and Alteria Capital, alongside existing investors Force Ventures and Udaan’s chief executive Sujeet Kumar.
Founded in 2021, Vidyut has rapidly emerged as a pioneering force in the EV financing landscape, catering primarily to electric three-wheeled vehicle fleet owners. By offering innovative financing and ownership plans that mitigate the risks associated with owning EV batteries, Vidyut has positioned itself as a vital enabler of sustainable mobility solutions.
Serving Electric Fleet Owners:
Vidyut’s core focus lies in providing financing solutions to electric three-wheeled vehicle fleet owners, facilitating both passenger and cargo usage. With an extensive portfolio of vehicles from leading manufacturers such as Mahindra & Mahindra, Piaggio, Altigreen, Montra Electric, Euler Motors, and Omega Seiki Mobility, the company addresses the diverse needs of its clientele.
According to Xitij Kothi, co-founder of Vidyut, over 85% of the company’s customers are small and micro businesses venturing into fleet ownership for the first time. This underscores the critical role played by Vidyut in democratizing access to electric mobility solutions and empowering businesses to embrace sustainable transportation alternatives.
Expansion and Diversification:
The infusion of $10 million in fresh capital will fuel Vidyut’s ambitious expansion plans, enabling the company to scale its operations to 40 cities and bolster its talent pool. Moreover, Vidyut is poised to broaden its service offerings beyond traditional financing solutions to encompass insurance, resale, services, and maintenance for electric vehicles.
Bridging the Gap Between EV and ICE Vehicles:
One of the key challenges facing the EV ecosystem pertains to servicing and maintenance, which is currently limited and predominantly conducted by vehicle sellers themselves. Recognizing this gap, Vidyut is committed to bridging the divide between EVs and internal combustion engine (ICE) vehicles by expanding its service offerings and enhancing the accessibility of servicing and maintenance facilities for EV owners.
Building a Resale Ecosystem and Leveraging Data:
Vidyut is also pioneering efforts to establish a robust resale ecosystem for electric three-wheeled vehicles, with plans to expand its resale initiatives to encompass other EV models in the future. Additionally, the company is collaborating with insurers to introduce EV-focused products that leverage data generated from EVs to offer tailored insurance solutions bundled with financing and other services.
Conclusion:
In conclusion, Vidyut’s success story exemplifies the transformative potential of innovation, entrepreneurship, and strategic partnerships in driving sustainable mobility solutions. As the global transition towards electric vehicles gathers momentum, Vidyut stands at the forefront of this paradigm shift, spearheading efforts to make electric mobility more accessible, affordable, and inclusive.
With its unwavering commitment to customer-centricity, innovation, and sustainability, Vidyut is poised to play a pivotal role in shaping the future of mobility in India and beyond. By harnessing the power of finance, technology, and collaboration, Vidyut is paving the way for a cleaner, greener, and more resilient transportation ecosystem, driving positive change and inspiring others to embrace the possibilities of electric mobility.