Vidyut Raises $2.5 Million for EV Battery-as-a-Service

New Delhi, Feb 26 (PTI) Electric mobility player Vidyut on Wednesday said it has raised USD 2.5 million (over Rs 20 crore) in funding from global fintech investor Flourish Ventures.

The funding will fuel expansion of the company's battery-as-a-service offerings in both passenger and commercial EV segments, Vidyut said in a statement.

"This investment will help us scale our innovative financing and lifecycle solutions across new vehicle segments," Vidyut Co-Founder Xitij Kothi said.

He said the company has been able to solve one of EV financing's biggest challenges, which is battery degradation risk by analysing real-time performance data across state of health, discharge patterns, and usage metrics and thus accurately predict battery life and value.

"This data-driven approach enables us to offer usage-based financing that aligns with actual asset performance, making EVs both affordable and financially viable for businesses in a way traditional finance cannot replicate," he noted.

Flourish Ventures Principal Harsh Gupta said, "With its unique Battery-as-a-Service offering, Vidyut provides innovative financial solutions that help users reduce their upfront costs while addressing common concerns around battery life and replacement costs."

Vidyut had expanded its offering to include EV resale and lifecycle management solutions in 2023. In Sep 2024, it entered the passenger EV market through a partnership with JSW MG Motor India for BaaS model for four-wheelers that cuts upfront vehicle costs by 30 per cent.