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Vidyut Powers Up: Secures $10M Series A to Drive Electric Vehicle Revolution

Vidyut, a platform specializing in electric vehicle (EV) financing and vehicle lifecycle management, has successfully secured $10 million in its Series A funding round. The leading investor in this round is 3one4 Capital, with contributions from both new and existing investors such as Saison Capital, Zephyr Peacock, Force Ventures, Alteria Capital, and Sujeet Kumar, the CEO of Udaan.


This Series A financing comprises a combination of equity and debt funding. Earlier this month, Entrackr reported on Vidyut's upcoming funding round. Prior to this, the company had raised $4 million in a mix of equity and debt during its seed round in December 2022, led by Force Ventures and other investors.

The recent investment underscores Vidyut's dedication to enhancing EV ownership experiences for small and medium-sized businesses (SMBs). The startup intends to utilize the newly acquired funds to expand its offerings within the EV ecosystem significantly. Specifically, it plans to extend its services to 40 cities across India while also doubling its team size by the end of the fiscal year 2025, aiming to construct a comprehensive EV ecosystem.


Established in 2021 by Xitij Kothi and Gaurav Srivastava, Vidyut provides various services including EV insurance, lifecycle management, and EV resale. The company's unique battery subscription ownership plan, driven by proprietary asset-underwriting algorithms, has already gained traction. Vidyut has provided ownership solutions for notable brands such as Mahindra, Piaggio, Altigreen, Montra Electric from the Murugappa Group, Euler Motors, and OSM vehicles.


Despite being in the pre-revenue stage until the fiscal year 2023, Vidyut managed to generate an income of Rs 68 lakh while incurring a loss of Rs 3 crore in the last fiscal year.


In the competitive landscape of electric vehicle financing, Vidyut faces competition from companies like Revfin, Finayo, Mufin Green Finance, OTO, evfin, and Hero FinCorp.


Notably, the Indian startup ecosystem has witnessed increased funding activities for startups focusing on EV financing in recent months. For instance, in December, Revfin secured $14 million in its Series B round, while Mufin and OTO raised $17 million and $10 million, respectively, earlier this month.



 

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