EV financing startup Vidyut raises Rs 32 crore funding | The Financial Express

EV financing startup Vidyut raises Rs 32 crore funding

Using 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 percent.

EV financing startup Vidyut raises Rs 32 crore funding

Vidyut (VT), an EV financing and vehicle lifecycle management startup has raised $4 million (~Rs 32 crore) in a mix of equity and debt in a round co-led by Force Ventures, Veda VC, and a clutch of strategic angels in the clean energy space.

Some of the most prominent names in the startup ecosystem participated in the round: Sujeet Kumar (Udaan), Sahil Barua (Delhivery), Kunal Shah (CRED), Sriharsha Majety (Swiggy), and Rajat Verma (Lohum).

Founded in 2021, Vidyut makes commercial EV ownership simple through its plans. Using 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 percent. This is almost on par with the ROI offered by PSU banks in this sector for conventional vehicles with an internal combustion engine (ICE).

The company’s differentiation lies in its unique battery subscription ownership plan. The company already offers ownership solutions for Mahindra, Altigreen, Euler, and OSM vehicles. Having established a strong product-market fit and secured funding, Vidyut plans on scaling up the offering across OEM partners and geographies. It will double the headcount of its credit, engineering, and sales teams.

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First published on: 08-12-2022 at 11:42 IST