Vidyut (VT), an EV financing startup, raised $10 million in Series A funding led by 3one4 Capital. Saison Capital, Zephyr Peacock, Force Ventures, a venture debt fund Alteria Capital, and Udaan CEO Sujeet Kumar were among the new and existing investors in the round. The Series A round is a mix of equity and debt financing.
Vidyut will use the funds to expand its services within the EV ecosystem. According to the company's press release, Vidyut plans to introduce EV insurance, lifecycle management, and EV resale. The company also intends to expand its operations to 40 Indian cities.
Commenting on investments Sonal Saldanha, Vice President, Investments, 3one4 Capital, stated, "Electric vehicles present new underwriting and product structuring challenges for financiers. EVs also significantly expand the role of data in the financing lifecycle, allowing for new lending models. Vidyut's model removes barriers to EV adoption, particularly among the large but price-sensitive driver cum owner segment. We at 3one4 Capital are delighted to support the Vidyut team in their mission to make EV ownership simpler."
Gaurav Srivastava, co-founder of Vidyut said, “This investment is a testament to our innovative approach in 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 capable and deliver a seamless, integrated experience for our customers.” as quoted in Businessline.
(Inputs from agencies)
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