Vidyut secures USD 10 million in Series A funding to build full-stack EV ecosystem

The company plans to utilise the new capital to expand its offerings within the EV ecosystem.

Autocar Pro News Desk By Autocar Pro News Desk calendar 20 Feb 2024 Views icon4985 Views Share - Share to Facebook Share to Twitter Share to LinkedIn Share to Whatsapp
Vidyut secures USD 10 million in Series A funding to build full-stack EV ecosystem

Vidyut, a pioneering full-stack EV ecosystem startup, has successfully raised USD 10 million in its Series A funding round, led by 3one4 Capital. This round also saw participation from investors such as Saison Capital, Zephyr Peacock, Force Ventures, Alteria Capital, and Sujeet Kumar, CEO of Udaan.

The investment, comprising equity and debt funding, underscores Vidyut's commitment to enhancing EV ownership experiences for small and medium-sized businesses (SMBs) and aligning with India's clean energy transition.

The company plans to utilise the new capital to expand its offerings within the EV ecosystem. This includes introducing EV insurance, lifecycle management services, and facilitating EV resale, with the ultimate goal of simplifying the entire EV ownership journey. Additionally, the company aims to extend its presence to 40 cities across India and double its team size by the end of the fiscal year 2025, as it endeavours to establish a comprehensive full-stack EV ecosystem.

Vidyut's unique battery subscription ownership plan, driven by proprietary asset-underwriting algorithms, sets it apart in the market. The company already offers ownership solutions for leading EV manufacturers such as Mahindra, Piaggio, Altigreen, Murugappa Group’s Montra Electric, Euler Motors, and OSM vehicles.

Gaurav Srivastava, co-founder of Vidyut, said "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. We're glad to welcome long-term partners like 3one4 and Saison to our capable and deliver a seamless, integrated experience for our customers."

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