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Vidyut Secures Rs ,175 crore to Expand Battery-as-a-Service Model

Vidyut, an electric vehicle (EV) ecosystem platform, has raised Rs ,175 crore in funding from global investor Flourish Ventures to expand its Battery-as-a-Service (BaaS) model. This innovative approach separates batteries from EV ownership, allowing customers to pay on a per-kilometer basis rather than making a large upfront investment. By offering this model, Vidyut has successfully reduced the initial cost of electric three-wheelers by 35-40%, making EV adoption more accessible for both passenger and commercial segments.

Xitij Kothi, Co-Founder of Vidyut, emphasized that the company’s strong unit economics, 15% month-on-month growth, and long-term partnerships with OEMs will help scale their financing and lifecycle solutions across different EV segments. Since 2023, Vidyut has expanded beyond BaaS, venturing into EV resale and lifecycle management. In 2024, the company entered the passenger EV market through a strategic partnership with JSW MG Motor India, further strengthening its presence in India’s evolving EV landscape.

Vidyut has established a broad distribution network across 30 cities, collaborating with major industry players like TATA Motors, Mahindra Last Mile Mobility, Piaggio, Euler Motors, and JSW MG Motor India. With this latest funding round, the company has now raised a total of Rs143.55 crore from investors such as 3one4 Capital, Saison Capital, Zephyr Peacock, and Flourish Ventures. India’s EV sector has been witnessing robust growth, with total EV sales reaching a record 0.195 crore units in 2024—an increase of over 27% compared to 1.53 million units in 2023. EVs accounted for 3.6% of overall automobile sales in 2024, consistently crossing the 100,000-unit mark each month. October saw the highest sales with 219,527 units, followed by March (213,068 units) and November (192,681 units), reflecting the rising demand for electric mobility.

Government support has also been a driving factor in this growth. In September 2023, the Union Cabinet approved the PM E-Drive program, allocating Rs3,00 crore in subsidies to promote electric two-wheelers, three-wheelers, e-ambulances, e-trucks, and e-buses. This initiative aims to support the deployment of 2.479 million electric two-wheelers, 316,000 electric three-wheelers, and 4,028 e-buses across the country. Under the scheme, EV buyers will receive Aadhaar-verified e-vouchers, which they must present to dealers. After verification, dealers and buyers will sign the e-voucher, which will then be uploaded to the PM E-Drive portal, allowing OEMs to claim reimbursements for the incentives.

With rising EV sales, increasing investor confidence, and strong government backing, Vidyut is well-positioned to accelerate its Battery-as-a-Service model and expand its presence in India’s growing EV ecosystem. By addressing key affordability and financing challenges, the company is playing a crucial role in enabling faster EV adoption in the country.