Full-stack electric vehicle ecosystem platform Vidyut has raised $2.5 million in funding from global fintech investor Flourish Ventures. This brings the company’s total funding to over $16.5 million, backed by investors including 3one4 Capital, Credit Saison, Zephyr Peacock, Lighthouse Canton, and others. The firm previously concluded a $10 million Series A round in February last year.
The new capital will accelerate the expansion of Vidyut’s battery-as-a-service (BaaS) solutions across both passenger and commercial EV segments. According to the company, this investment aligns with its mission to make EV ownership more accessible and affordable for small and medium businesses (SMBs) while supporting India’s clean energy transition.
Transforming EV Ownership Through Battery Subscription
Founded in 2021 by ex-Swiggy and Bounce executives Xitij Kothi and Gaurav Srivastava, Vidyut has disrupted the commercial EV financing landscape. By unbundling batteries from EVs and offering them on a pay-per-km subscription model, Vidyut has reduced the upfront cost of three-wheeler (3W) EVs by 35-40%, making them more affordable than internal combustion engine (ICE) vehicles from day one.
Building on its success, Vidyut expanded into EV resale and lifecycle management solutions in 2023, gaining strong market traction. In September 2024, the company partnered with JSW MG Motor India to enter the passenger EV segment, launching India’s first BaaS model for four-wheelers—a move that lowers the initial cost of electric cars by 30%.
Expanding Partnerships & Distribution
Vidyut’s rapid growth is bolstered by collaborations with leading OEMs such as TATA Motors, JSW, MG Motor India, Mahindra Last Mile Mobility, Piaggio, and Euler Motors. The company also operates across 30 cities, enabling micro-entrepreneurs and fleet operators to switch to EVs, boosting their earnings by 10-15% through fuel savings and lower operational costs.
“With proven unit economics, 15% month-on-month growth, and strong OEM partnerships, this funding will help us scale our financing and lifecycle solutions across new vehicle segments,” said Xitij Kothi, Co-founder & CEO of Vidyut.
Strengthening the EV Resale Market
Vidyut has also launched a dedicated EV resale platform for three-wheeler commercial vehicles, streamlining the entire process from inspection and valuation to sale and RTO documentation. The platform has improved the resale experience for commercial EV owners, helping them achieve 10-15% higher returns compared to ICE vehicles in secondary markets.
Competing in the EV Financing Space
Vidyut operates in a growing EV financing sector alongside Revfin, Finayo, Mufin Green Finance, OTO, Evfin, and Hero FinCorp. With a scalable model, expanding partnerships, and increasing demand for sustainable transportation, Vidyut is poised to play a key role in India’s transition to affordable and widespread EV adoption.
