EV financing startup Vidyut raises $10 million in Series A funding from 3one4 Capital, Zephyr Peacock, others
Summary
Commercial electric vehicle (EV) financing startup for small and medium businesses Vidyut has raised $10 million in its latest Series A funding round, the company announced on Tuesday. When the battery reaches the end of its life, the company replaces it at no extra cost to the customer to alleviate concerns about battery longevity and high replacement costs.For a 3W Cargo EV typically priced at Rs 4 lakhs, Vidyut enables customers to acquire it for only Rs 2.5 lakhs through a term loan. The company enables financing for SMBs via partnerships with NBFCs and banks to purchase EVs from OEMs including Mahindra, Piaggio, Altigreen, Murugappa Groups Montra Electric, Euler Motors and OSM.Electric vehicles pose new underwriting and product structuring challenges to financiers. EVs also meaningfully expand the role of data in the lifecycle of a financing journey and make new lending models possible. Vidyuts model removes EV adoption barriers, especially in the large but price-sensitive driver cum owner segment, said Sonal Saldanha, Vice President, Investments, 3one4 Capital.
Funding
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