Vidyut Secures $2.5 Mn Funding from Flourish Ventures
By separating batteries from EV ownership and offering them on a pay-per-kilometre subscription basis, Vidyut has significantly reduced the upfront costs of electric three-wheelers by 35-40 per cent. The company has demonstrated strong financial viability with a 15 per cent month-on-month growth rate and long-term partnerships with original equipment manufacturers (OEMs).
In 2023, Vidyut broadened its portfolio to include EV resale and lifecycle management solutions. The following year, it entered the passenger EV market through a strategic collaboration with JSW MG Motor India. Currently, Vidyut operates a distribution network spanning 30 cities and collaborates with key industry players such as TATA Motors, JSW MG Motor India, Mahindra Last Mile Mobility, Piaggio, and Euler Motors.
To date, Vidyut has raised a total of $16.5 million from investors, including 3one4 Capital, Saison Capital, Zephyr Peacock, and Flourish Ventures. This funding comes amid a period of increased investment in the EV sector, as India's EV sales reached a record 1.95 million units in 2024—marking a 27 per cent increase from the 1.53 million units sold in 2023. EVs accounted for 3.6 per cent of total automobile sales in 2024, consistently surpassing 100,000 units per month. October recorded the highest sales at 219,527 units, followed by March and November.
Government initiatives such as the PM E-Drive program, launched in September 2023, further support EV adoption. With a budget of Rs 36.79 billion, the program provides subsidies for electric two-wheelers, three-wheelers, e-ambulances, e-trucks, and e-buses. Under this scheme, buyers receive Aadhaar-verified e-vouchers, which are redeemed through dealers, enabling OEMs to claim reimbursement for incentives.
News source: Mercom India