Vidyut, an EV financing startup, secures $10 million funding with 3One4 Capital leading

• ByStartupStory     |    February 20, 2024

Vidyut, a platform specializing in EV financing and vehicle lifecycle management, has secured $10 million in its Series A funding round led by 3one4 Capital. 

The round also witnessed participation from notable investors such as Saison Capital, Zephyr Peacock, Force Ventures, Alteria Capital, and Udaan CEO Sujeet Kumar. Reflecting on the funding, Vidyut stated, “This funding emphasizes the company’s commitment to improve EV ownership for SMBs.” 

The Series A round comprises a blend of equity and debt financing, highlighting Vidyut’s versatile funding strategy. The company had previously closed a seed round of $4 million in December 2022. The startup plans to utilize the fresh funds to expand its offerings within the EV ecosystem and scale its presence to 40 cities across India. Vidyut also aims to double its team size by the end of FY25 to bolster its efforts in building a comprehensive EV ecosystem. 

Founded in 2021 by Xitij Kothi and Gaurav Srivastava, Vidyut offers innovative battery subscription ownership plans and already collaborates with prominent EV brands such as Mahindra, Piaggio, and Euler Motors. Despite being in the pre-revenue stage until FY23, the company posted an income of Rs 68 lakh with a loss of Rs 3 crore during the last fiscal year. 

In the competitive landscape of electric vehicle financing, Vidyut faces competition from various players such as Revfin, Finayo, and Mufin Green Finance. The funding round underscores the growing investor interest in EV financing startups, as evidenced by recent funding rounds for Revfin, Mufin, and OTO.

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