News, 27 February 2025
Vidyut, established in 2021 by ex-executives of Swiggy and Bounce- Xitij Kothi and Gaurav Srivastava, has secured a total of $16.5 million from investors such as 3one4 Capital, Credit Saison, Zephyr Peacock, and Lighthouse Canton.
With the BaaS model adopted by the company, costs for batteries and vehicles are decoupled, enabling customers to pay for battery services based on the number of kilometers driven. The company claims that this approach has led to a reduction of 35-40% in the upfront costs for three-wheeler EVs.
In September 2024, Vidyut entered the passenger vehicle market by partnering with JSW MG Motor India. With this action, the first BaaS model for four-wheelers in India was launched, which resulted in a reduction of initial vehicle costs by 30%.
The company has formed alliances with leading manufacturers such as Tata Motors, Mahindra Last Mile Mobility, Piaggio, and Euler Motors. It now operates a distribution network across 30 Indian cities.
In addition to financing, Vidyut has broadened its services to encompass EV resale and lifecycle management solutions. In 2023, it introduced a resale platform for three-wheeler commercial vehicles that manages the complete process from inspection to documentation
The most recent funding arrives as India’s electric vehicle market expands, with the government promoting greater EV adoption through a range of incentives and policies designed to lower carbon emissions in transportation.
