Vidyut(VT) raises $4 million in a mix of equity and debt in a round led by Force Ventures, Veda VC and a clutch of Strategic angels in the clean-energy space. It is a platform for EV financing and vehicle lifecycle management
Sujeet Kumar, Co-Founder of Udaan, Sahil Barua Co-Founder and CEO of Delhivery, Kunal Shah, Co-Founder of CRED, Swiggy’s Co-Founder Sriharsha Majety and Lohum’s Rajat Verma also participated in the seed round.
The funds will be utilised to expand to more cities and plan to double the headcount in its credit, engineering and sales teams in 12 months.
It was founded in 2021 by Kothi and Gaurav Srivastava, Vidyut aims to make commercial EV ownership affordable, and a risk-free proposition for customers through its own plans.
VT offers two ownership plans first is a hybrid financing model of a vehicle loan with a battery subscription, which brings down the upfront EV cost by 40-50 per cent, and a traditional term loan plan.