In February, Vidyut secured $10 million during its Series A funding round, which was spearheaded by 3one4 Capital.
Vidyut, a Bengaluru-based startup dedicated to building a comprehensive electric vehicle (EV) ecosystem, recently launched its proprietary platform for the sale and financing of used EVs, aimed at simplifying the ownership experience. This new service handles every aspect of the transaction, from inspecting and valuing the vehicles to managing sales and handling the required documentation with the Regional Transport Office (RTO) for the sellers.
Founded in November 2021 as a commercial EV financing platform, Vidyut introduced an innovative model allowing customers to purchase an EV and pay for the battery on a per-kilometre basis. This approach has slashed the upfront costs of three-wheeler (3W) EVs by 60-65%, making them more cost-effective than internal combustion engine vehicles from the outset. The addition of the used EV sale and financing option further alleviates ownership concerns by addressing issues of residual value, thus making EVs both more affordable and more appealing.
The platform currently facilitates the resale of three-wheeler commercial EVs from manufacturers like Mahindra, Piaggio, Euler Motors, Greaves, Montra Electric from Murugappa Group, and Altigreen. These services are initially available in Delhi-NCR, Bangalore, and Hyderabad, with plans to extend to six additional cities by the end of the fiscal year 2025, including Mumbai, Chennai, Pune, Lucknow, Agra, and Kanpur. Furthermore, Vidyut intends to launch an online marketplace within the next six months to broaden its reach.
Xitij Kothi, Co-Founder of Vidyut, shared insights on the impact of their resale platform, explaining that the absence of a strong resale market has hindered the faster adoption of EVs. He highlighted that their platform enhances trust and transparency in the pre-owned EV market by providing accurate and clear valuations of vehicles and batteries. Kothi noted that the resale prices achieved through their platform are typically three to four times higher than those offered by traditional second-hand dealers. This, combined with their battery subscription and EV financing solutions, significantly mitigates risks associated with battery life, uncertain resale values, and EV financing. He emphasized that their comprehensive approach is tailored to accelerate the uptake of EVs.
In financial developments, Vidyut secured $10 million in its Series A fundraising round in February, led by 3one4 Capital. The round also saw contributions from a mix of new and returning investors, including Saison Capital, Zephyr Peacock, Force Ventures, Alteria Capital—a venture debt fund—and Sujeet Kumar, co-founder of Udaan. This influx of capital is set to propel Vidyut’s mission to enhance EV ownership for small and medium-sized businesses (SMBs) and support India’s transition to clean energy.
