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Vidyut raises $10m in Series A Funding round led by 3one4 Capital

By Gloria Mathias

February 22, 2024

  • EV Financing
  • Fintech Fuding Series A Funding round
  • fintech India
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VidyutTech, Fintech News, Fintech Fuding Series A Funding round, Fintech India, India News, India 3one4 Capital, EV Financing, Loans, Lending, Funding Vidyut, India’s EV financing and lifecycle management startup, has raised $10 million in a Series A round led by 3one4 Capital and Saison Capital, with participation from Zephyr Peacock Growth Fund, Force Ventures, and Alteria Capital.

Founded in 2021, Vidyut has simplified commercial EV ownership, making it more accessible, affordable, and devoid of financial risk. Through its use of asset-underwriting algorithms and detailed battery health data analysis, Vidyut has developed a unique battery subscription financing model.

This model makes electric vehicles more attainable for a broader audience and addresses one of the primary hurdles in EV adoption.

By offering customers the option to loan the vehicle and rent the battery, Vidyut significantly reduces the required initial down payment. Vidyut specialises in the commercial vehicle segment, bringing together original equipment manufacturers (OEMs), lenders, borrowers, and stakeholders in the secondary market into a cohesive ecosystem, fostering a seamless value chain.

With the latest infusion of capital, Vidyut is set to broaden its suite of services beyond financing, venturing into vehicle resale, insurance, and servicing. This strategic expansion is designed to streamline the entire EV ownership journey, offering a more comprehensive and hassle-free experience for customers.

“This investment is a testament to our innovative approach to combining technology and financial services to serve the EV market. Our focus is not just on financing but on elevating the entire EV ownership journey for India’s SMBs, who are the backbone of our economy. We’re glad to welcome long-term partners like 3one4 and Saison to our capabilities and deliver a seamless, integrated experience for our customers.” Gaurav Srivastava, Co-founder of Vidyut

“Electric vehicles pose new underwriting and product structuring challenges to financiers. EVs also meaningfully expand the role of data in the lifecycle of a financing journey and make new lending models possible. Vidyut’s model removes EV adoption barriers, especially in the large but price-sensitive driver cum owner segment. At 3one4 Capital, we are excited to back the Vidyut team in their mission to simplify EV ownership,” said Sonal Saldanha, Vice President of Investments, 3one4 Capital.

 

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