Vidyut Secures $2.5 Million Funding from Flourish Ventures to Boost Battery-as-a-Service Expansion

Vidyut, a full-stack electric vehicle (EV) ecosystem platform announced that it has recently raised $2.5 million in funding from global fintech investor Flourish Ventures. The funding will fuel expansion of Vidyut's Battery-as-a-Service offerings in both passenger and commercial EV segments.

"With proven unit economics, strong 15% month-on-month growth, and long-term OEM partnerships, this investment will help us scale our innovative financing and lifecycle solutions across new vehicle segments. Vidyut has solved one of EV financing's biggest challenges - battery degradation risk. By analysing real-time performance data across state of health, discharge patterns, and usage metrics, we accurately predict battery life and value. This data-driven approach enables us to offer usage-based financing that aligns with actual asset performance, making EVs both affordable and financially viable for businesses in a way traditional finance cannot replicate," said Xitij Kothi, Co-Founder, Vidyut.

In 2023, Vidyut expanded its offering to include EV resale and lifecycle management solutions, a move that has seen rapid customer adoption and market traction. In addition to that, the company entered the passenger EV market through a partnership with JSW MG Motor India, marking India's first BaaS model for four-wheelers that cuts upfront vehicle costs by 30% in September 2024.

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The company has industry partners including Tata Motors, JSW MG Motor India, Mahindra Last Mile Mobility, Piaggio, Euler Motors, and a distribution network across 30 cities.

“With its unique Battery-as-a-Service offering, Vidyut provides innovative financial solutions that help users reduce their upfront costs while addressing common concerns around battery life and replacement costs," said Harsh Gupta, Principal, Flourish Ventures.