Vidyut raises $2.5 million from Flourish Ventures

Bengaluru:Electric vehicle (EV) ecosystem platform Vidyut has raised $2.5 million from global fintech investor Flourish Ventures. The funding will support the expansion of Vidyut’s Battery-as-a-Service (BaaS) model in passenger and commercial EV segments, as per a statement.
Vidyut, founded in 2021, offers financing, insurance, maintenance, resale, and lifecycle management solutions for EV ownership. By unbundling batteries from vehicles and offering them on a pay-per-kilometer subscription basis, Vidyut said it has reduced upfront EV costs by 35-40% for commercial three-wheelers.
“With strong unit economics and long-term partnerships with original equipment manufacturers (OEMs), this investment will help us scale financing and lifecycle solutions across new vehicle segments,” said Xitij Kothi, co-founder, Vidyut. “Our data-driven approach enables usage-based financing that aligns with actual battery performance, making EV ownership more accessible.”
Harsh Gupta, principal at Flourish Ventures, said, “As India transitions to sustainable solutions like EVs, access to credit will be crucial for adoption. Vidyut’s BaaS model lowers upfront costs while addressing concerns around battery life and replacement.”
In 2023, Vidyut introduced an EV resale platform for commercial three-wheelers, streamlining the valuation and sale process. In September 2024, it expanded into the passenger EV segment through a partnership with JSW MG Motor India, launching a BaaS model for four-wheelers.
Vidyut has partnerships with Tata Motors, Mahindra, Piaggio, and Euler Motors, among others, and operates in 30 cities. To date, the company has raised $16.5 million from investors including 3one4 Capital, Credit Saison, Zephyr Peacock and Lighthouse Canton.