A Bengaluru based full-stack EV ecosystem startup, Vidyut (VT) is partnering with JSW MG Motor and has launched battery-as-a-service (BaaS), to finance passenger cars such as MG Comet EV, MG Windsor EV, and MG ZS EV.
What does the partnership offer?
It states that under this program, customers, based on battery usage, will pay a minimum rental fee starting at Rs 2.5/km, allowing EV owners to rent batteries, reducing their running costs by 40% compared to traditional ICE vehicles.
Unlike ICE vehicles with ongoing fuel costs, this model allows customers to pay only for the vehicle without the battery, significantly lowering the initial purchase price of the EV, reducing driving expenses, and making EV ownership more accessible and hassle-free.
The company also offers their customers an option to either continue with the battery rental program or buy it out, after the completion of the financing tenure (3-5 years) of the vehicle, excluding battery, depending on the vehicle model. The vehicle owners can opt out of the program at any point of time by paying the residual value of the battery.
Speaking on the partnership, Gaurav Gupta, Chief Growth Officer, JSW MG Motor India, said, “We are delighted to partner with Vidyut, as one of our financing partners, to introduce BaaS, to address the barrier of incremental upfront cost of owning an EV and reducing the overall running cost significantly. With this innovative program, we are confident that this model will incentivize more potential EV buyers enabling them to upgrade to an EV lifestyle.
Additionally, MG EV customers can also avail the assured 60% buyback value after three years of ownership.”
Commenting on this partnership, Xitij Kothi, Co-Founder of Vidyut shared, “We are excited to extend that same level of innovation to personal four-wheeler vehicles with JSW MG Motor India. Our goal is to make EV ownership not just accessible but also cost-efficient for everyone, empowering individuals to embrace sustainable mobility without the financial burden that traditionally accompanies it.”
The start-up company in the recent past, expanded into selling and financing used EVs to support the resale of 3-wheeler commercial EVs in Delhi NCR, Bengaluru, and Hyderabad. It now operates in over 30 cities in India, partnering with OEMs like Tata Motors, Mahindra, Euler
The company also has raised $14 million (Rs1.16 billion) led by 3one4 Capital, with participation from Saison Capital, Zephyr Peacock, Force Ventures, Alteria Capital, and Udaan co-founder Sujeet Kumar.
