Vidyut Tech Services Private Limited, a Bangalore-based startup, is revolutionising the electric vehicle (EV) landscape with its innovative financing and lifecycle management solutions. Founded in 2021 by industry veterans Xitij Kothi and Gaurav Srivastava, the company aims to simplify and streamline the process of owning electric vehicles, catering to both individual consumers and businesses.
At its core, Vidyut offers end-to-end solutions for purchasing, financing, and resale of electric vehicles. Their platform provides custom financing options and facilitates a secondary market for EVs, ensuring accessibility and affordability for a wide range of customers. By collaborating with original equipment manufacturers (OEMs), non-banking financial companies (NBFCs), and other key stakeholders, Vidyut tech establishes itself as a crucial player in the EV ecosystem.
Operating primarily in the B2C space, Vidyut serves various market segments including Energy Tech, Auto Tech, Transportation and Logistics Tech, and Environment Tech. With a dedicated team of 21 to 40 employees, the company is committed to accelerating the adoption of electric vehicles in India.
In a significant development, Vidyut recently secured $10 million in its Series A funding round, led by 3one4 Capital. This funding underscores the company’s dedication to improving EV ownership for small and medium-sized businesses (SMBs) and aligning with India’s transition towards clean energy. The investment will be utilised to scale Vidyut’s offerings, expand its presence to 40 Indian cities, and double its team size by the end of the fiscal year 2025.
Vidyut’s differentiation lies in its proprietary battery subscription ownership plan, supported by advanced asset-underwriting algorithms. The company has already forged partnerships with prominent players in the EV industry, including Mahindra, Piaggio, and Euler Motors, among others.
Speaking on the significance of Vidyut’s mission, Sonal Saldanha, Vice President at 3one4 Capital, emphasised the role of innovative financing models in overcoming barriers to EV adoption. Mukul Gulati, Managing Partner at Zephyr Peacock, highlighted the economic advantages of EVs compared to traditional internal combustion engine vehicles.
Looking ahead, Vidyut remains committed to redefining the EV ownership experience through technology-driven financial services. With a focus on delivering a seamless and integrated journey for customers, the company is poised to lead India’s transition to sustainable mobility.
For Xitij Kothi and Gaurav Srivastava, the co-founders of Vidyut, this venture represents a culmination of their expertise and passion for driving positive change in the automotive industry. With their combined experience and visionary leadership, Vidyut is set to make a lasting impact on the future of electric mobility in India.
