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HomeBusinessEntrepreneurshipVidyut Raises $4 Million In First Round Of Funding

Vidyut Raises $4 Million In First Round Of Funding

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Vidyut (VT), a platform for EV financing and automobile lifecycle administration, has raised $4 million in a mixture of fairness and debt in a spherical co-led by Force Ventures, Veda VC, and a clutch of strategic angels within the clear vitality area. The spherical additionally witnessed participation from Sujeet Kumar (Udaan), Sahil Barua (Delhivery), Kunal Shah (CRED), Sriharsha Majety (Swiggy), and Rajat Verma (Lohum).

Company handout

“The lifecycle and the ownership journey of an electric ride are very different from those of an ICE vehicle. The market needs financing solutions tailored for EVs. At Vidyut, we are leveraging EV tech, with support from our OEM partners, to build a technology stack that fundamentally changes the ownership experience. We are excited to have marquee investors, who understand these nuances, join us in our journey,” stated Xitij Kothi, co-founder, Vidyut.

Using battery well being information and its proprietary underwriting mannequin, Vidyut manages to extract a excessive residual worth for EVs, serving to prospects get an efficient rate of interest of as little as 7 per cent. This is sort of on par with the ROI supplied by PSU banks on this sector for standard automobiles with an inside combustion engine (ICE), claimed by the corporate in an announcement.

“In a short period, Vidyut has demonstrated a strong user value proposition and product- market fit, both on the side of customers buying vehicles as well as financial services stakeholders, who depend on the platform’s proprietary models and technology solutions. We are excited by the team’s execution and their long-term orientation as they build the platform of choice for India’s EV ecosystem,” stated Karthik Bhat, a accomplice at Force Ventures.

Founded in 2021 by Xitij Kothi and Gaurav Srivastava, Vidyut makes business EV possession easy, reasonably priced, and a risk-free proposition for purchasers by means of its distinctive possession plans.



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