VC Fund Investments
EV financing startup Vidyut raises $2.5 M from Flourish Ventures
Bengaluru-based full stack EV ecosystem startup Vidyut has raised USD 2.5 million in a new funding round from global VC firm Flourish Ventures.Founded in 2021 by Xijit Kothi and Gaurav Srivastava, Vidyut is currently selling and financing used EVs to support the resale of three-wheeler commercial EVs across Delhi NCR, Bengaluru, and Hyderabad, with operations spread across 30 Indian cities.The proceeds will be used to expand the firm’s Battery-as-a-Service (BaaS) offerings in both passenger and commercial electric vehicle segments. The BaaS model allows users to lease battery usage instead of buying the battery upfront, which reduces the upfront costs of purchasing an EV significantly.
Between Feb 2022 and Jan 2024, Vidyut had raised about USD 15 M from Shastra VC, Zephyr Peacock, 3ONE4 Capital, Alteria Capital, Saison Capital, and other angel investors.For FY24, Vidyut had reported about INR 1 Cr in Operating Income and about INR 9.65 Cr in Net Loss.
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