Vidyut Raises $10 Million in Series A to Transform EV Ownership for Indian SMBs

Vidyut (VT), a startup focused on building a complete electric vehicle (EV) ecosystem, has successfully secured $10 million in a Series A funding round. This round was led by 3one4 Capital and included contributions from Saison Capital, Zephyr Peacock, Force Ventures, Alteria Capital, a venture debt fund, and Sujeet Kumar, the CEO of Udaan.

This mix of equity and debt financing signifies an important achievement for Vidyut, highlighting its commitment to improving the EV ownership experience for small and medium-sized businesses (SMBs) and supporting India’s shift towards clean energy.

With this new funding, Vidyut plans to enhance its services within the EV ecosystem, including adding EV insurance, Lifecycle Management, and EV resale services. The goal is to make the EV ownership journey smoother. Additionally, the company aims to expand its operations to 40 cities across India and plans to double its team by the end of the financial year 2025, aiming to create a robust EV ecosystem.

Sonal Saldanha, Vice President of Investments at 3one4 Capital, shared her enthusiasm for supporting Vidyut’s mission to ease the EV ownership process, pointing out the company’s innovative solutions to the challenges of EV adoption. Vidyut’s unique approach includes a battery subscription ownership plan, supported by proprietary asset-underwriting algorithms, which has already been adopted by several leading brands.

Mukul Gulati, Managing Partner at Zephyr Peacock highlighted Vidyut’s crucial role in making EV ownership more accessible in India, especially for small commercial vehicles, through innovative financing options. 

Dhairen Tohliani, Vice President at Alteria Capital, and Visa Kannan, Partner at Saison Capital, also praised Vidyut’s tailored financing and lifecycle management solutions as key to accelerating widespread EV adoption in India.

Gaurav Srivastava, co-founder of Vidyut, thanked the investors and reiterated the company’s dedication to improving the EV buying and owning experience for SMBs in India by integrating technology with financial services.

Since its founding in 2021, Vidyut has become a frontrunner in making commercial EV ownership easier, more affordable, and risk-free by leveraging its unique financing solutions and deep analysis of battery health data, thus widening the accessibility of EVs.