Vidyut, an electric vehicle (EV) startup, announced on Tuesday that it has secured $10 million in its Series A funding round, comprising both equity and debt investments. The funding round was led by 3one4 Capital. The company intends to utilize the raised capital to expand its range of services, including EV insurance, lifecycle management, and EV resale.
The investment round also saw participation from both new and existing investors, including Saison Capital, Zephyr Peacock, Force Ventures, Alteria Capital (a venture debt fund), and Sujeet Kumar, the CEO of Udaan.
Established in 2021, Vidyut aims to extend its footprint to 40 cities and intends to double its workforce by the end of the fiscal year 2025, as part of its strategy to develop a comprehensive EV ecosystem.
Gaurav Srivastava, co-founder of Vidyut, emphasized, “Our focus is not limited to financing but on enhancing the overall EV ownership experience for India’s small and medium-sized businesses (SMBs), which are crucial to our economy.”
The company currently offers ownership solutions for vehicles from Mahindra, Piaggio, Altigreen, Montra Electric (a part of the Murugappa Group), Euler Motors, and OSM.
Sonal Saldanha, Vice President of Investments at 3one4 Capital, expressed their enthusiasm about supporting Vidyut in simplifying EV ownership, stating, “Vidyut’s model addresses barriers to EV adoption, particularly in the significant yet price-sensitive driver-owner segment.”
