EV Tailored Platform Vidyut Tech Raises $4 Mn in Equity+Debt Funding from Force Ventures, Veda VC, Others

Bengaluru-based Vidyut Tech, an EV Tailored Platform that offers its customers end-to-end solution for purchase, financing and resale, has raised $4 million in a mix of equity and debt round of funding co-led by Force Ventures, Veda VC, and a clutch of strategic angel investors in the clean energy space.

Other investors who participated in the round include Sujeet Kumar, cofounder of Udaan; Sahil Barua, cofounder of Delhivery; Kunal Shah, cofounder of Cred; Sriharsha Majety, cofounder of Swiggy; Rajat Verma cofounder of Lohum.

Founded last year, by Gaurav Srivastava and Xitij Kothi, Vidyut aims to make commercial EV ownership affordable and a risk-free proposition for customers through its ownership plans.

Gaurav is an IIT Kharagpur alumnus and former executive at Smart Mobility Solution startup Bounce, while Xitiz, an IIT Bombay alumnus, has earlier worked at Rivigo and Swiggy.

Vidyut Tech offers unique vehicle ownership solution to commercial vehicle owners, where in the owners can buy vehicles without owning the battery, thereby paying less up front for an EV, even in comparison with diesel-powered vehicles.

The startup already counts EV makers like Mahindra, Altigreen, Euler Motors and OSM among its partners.

It offers two ownership plans — a hybrid financing model of a vehicle loan with a battery subscription, which brings down the upfront EV cost by 40-50% , and a traditional term loan plan


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