Mahindra Last Mile Mobility partners with Vidyut to launch BaaS financing for EVs

Mahindra Last Mile Mobility Limited (MLMML), a subsidiary of Mahindra & Mahindra Limited (M&M), has partnered with Vidyut (VT) to launch Battery-as-a-Service (BaaS) financing for MLMML’s EVs, including the Mahindra ZEO (4W) as well as Zor Grand and Treo Plus (3Ws).

Founded in 2021, Vidyut is a Bengaluru-based full-stack EV startup focused on making electric vehicle ownership more convenient and stress-free. 

Under the BaaS program, customers will pay a minimal rental fee starting at Rs 2.50 per kilometre. This initiative enables EV owners to rent the battery, reducing the upfront vehicle acquisition cost by up to 40% compared to traditional ICE vehicles.

Vidyut will also give MLMML vehicle customers the choice to either buy out or continue with the battery rental program post the financing term. By paying the battery's remaining worth, the vehicle owners can also choose to discontinue the program at any moment.

Leadership comments

Suman Mishra, Managing Director & CEO of MLMML, said, “By introducing the Battery-as-a-Service option through Vidyut, we are demonstrating our dedication to making electric mobility more accessible to everyone. This partnership will undoubtedly contribute to the increased adoption of electric vehicles by enabling customers to purchase last mile EVs with a reduced initial cost.”

Commenting on this partnership, Xitij Kothi, Co-Founder of Vidyut, said, "As a company, we view batteries as fuel, while others see them as assets. Our question has always been when the vehicle isn't on the road, why should you still pay for the battery? This is why we introduced Battery-as-a-Service (BaaS) into the EV ecosystem. Since our founding in 2021, Vidyut has made significant strides in developing this funding mechanism for commercial applications. Now, in partnership with Mahindra Last Mile Mobility Limited, we are excited to expand the innovation to 4W & 3W cargo and 3W passenger vehicles too. Our goal is to make sustainable mobility not only affordable but also accessible, enabling more people to embrace EV ownership without the financial burden that often comes with it."