EV financing and vehicle lifecycle management platform Vidyut Tech (VT) has raised $4 million in a mix of equity and debt in a round co-led by Force Ventures, Veda VC, and a clutch of strategic angels in the clean energy space.

Sujeet Kumar (Udaan), Rajat Verma (Lohum), Sahil Barua (Delhivery), Kunal Shah (CRED), and Sriharsha Majety (Swiggy) also participated in the funding round.

Vidyut Tech | Simplifying Electric Vehicle Ownership

Co-founded by Xitij Kothi and Gaurav Srivastava in 2021, Vidyut Tech is an EV-tailored platform working with a mission to make ownership of electric vehicles simple & stress free.

The startup makes commercial EV ownership simple, affordable, and a risk-free proposition for customers through its unique ownership plans.

Speaking about the development, Xitij Kothi, Co-founder of Vidyut, said,

“The lifecycle and the ownership journey of an electric ride are very different from those of an ICE vehicle. The market needs financing solutions tailored for EVs. At Vidyut, we are leveraging EV tech, with support from our OEM partners, to build a technology stack that fundamentally changes the ownership experience. We are excited to have marquee investors, who understand these nuances, join us in our journey.”

Through its EV-tech led platform, the startup offers customers an end-to-end solution for purchase, financing & resale.

Vidyut, using battery health data and its proprietary underwriting model, manages to extract a high residual value for EVs, helping customers get an effective interest rate of as low as 7 per cent. As per the startup, this is almost on par with the ROI offered by PSU banks in this sector for conventional vehicles with an internal combustion engine (ICE).

Commenting on the development, Karthik Bhat, a partner at Force Ventures, said,

“In a short period, Vidyut has demonstrated a strong user value proposition and product-market fit, both on the side of customers buying vehicles as well as financial services stakeholders, who depend on the platform’s proprietary models and technology solutions. We are excited by the team’s execution and their long-term orientation as they build the platform of choice for India’s EV ecosystem.”

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