EV financing startup Vidyut raises $4M in funding led by Force Ventures, Veda VC, others

ISN Webteam
08 Dec 2022
EV financing startup Vidyut raises $4M in funding led by Force Ventures, Veda VC, others

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EV financing and vehicle lifecycle management startup Vidyut has raised $4 million in a mix of equity and debt in a round led by Force Ventures, Veda VC, and a clutch of strategic angels in the clean energy space.

Sujeet Kumar (Udaan), Sahil Barua (Delhivery), Kunal Shah (CRED), Sriharsha Majety (Swiggy), and Rajat Verma (Lohum) are some of the prominent angels that took part in the round.

Founded in 2021 by Xitij Kothi and Gaurav Srivastava, Vidyut said it aims to make commercial EV ownership affordable and a risk-free proposition for customers through its own plans.

The startup uses battery health data and its proprietary underwriting model; VT extracts a high residual value for EVs, helping customers get an interest rate of as low as 7 per cent.

“The biggest consumer need to unlock commercial EV adoption is smart financing. While OEMs are pushing the frontiers of EV tech, the market has lagged in innovating on the financing front. The lifecycle and the ownership journey of an electric ride are very different from those of an ICE vehicle,” said Vidyut co-founder Xitij Kothi.

Vidyut said its differentiation lies in its unique battery subscription ownership plan. It already offers ownership solutions for Mahindra, Altigreen, Euler, and OSM vehicles. The startup plans to scale up the offering across OEM partners and geographies. It will double the headcount of its credit, engineering, and sales teams.

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