Vidyut Secures $2.5 Mn Funding from Flourish Ventures
04 Mar 2025
2 Min Read
CW Team
Vidyut, a platform specializing in electric vehicle (EV) ecosystems, has secured $2.5 million in funding from global investor Flourish Ventures. The investment will support the expansion of its Battery-as-a-Service (BaaS) model, catering to both passenger and commercial EV segments.
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鈥攎arking 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
Vidyut, a platform specializing in electric vehicle (EV) ecosystems, has secured $2.5 million in funding from global investor Flourish Ventures. The investment will support the expansion of its Battery-as-a-Service (BaaS) model, catering to both passenger and commercial EV segments.
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鈥攎arking 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
Next Story
HCL-Foxconn to invest Rs 37 billion in chip plant near Jewar airport
The Union Cabinet has approved the establishment of a new semiconductor unit near Jewar airport in Uttar Pradesh under the India Semiconductor Mission. This sixth plant, a joint venture between HCL and Foxconn, marks further progress in India鈥檚 semiconductor journey. The project will see an investment of Rs 37 billion.The facility will produce display driver chips for mobile phones, laptops, automobiles, PCs, and other digital devices. It is designed for a monthly capacity of 20,000 wafers and an output of 36 million units.Five semiconductor units are already in advanced stages of constructi..
Next Story
Brigade acquires Velachery land for Rs 16-billion project
Brigade Enterprises has acquired a 5.41-acre land parcel on Velachery Road, Chennai, through an outright purchase for Rs 4.417 billion. Located next to Phoenix Market City, the site will be developed into a premium residential project with a gross development value of approximately Rs 16 billion and a development potential of 0.8 million square feet.The project offers strategic access to both the OMR IT Corridor and Chennai鈥檚 Central Business District, promising strong connectivity and premium lifestyle offerings. Brigade plans to create signature residences focused on aesthetics, functional..
Next Story
Liebherr marks 10,000th XPower wheel loader milestone
Liebherr-Werk Bischofshofen has rolled out its 10,000th XPower wheel loader, marking a major production milestone. The anniversary L 580 XPower model, featuring a power-split travel drive developed with ZF Friedrichshafen AG, was handed over to the BERGER Group in Passau.鈥淭he transmission from our partner ZF is a key component of the drivetrain in our XPower wheel loaders,鈥� said Gerhard Pirnbacher, Head of Quality Management at Liebherr. 鈥淲ith an impressive total of around 64 million operating hours already clocked up by XPower models, this transmission has proven its exceptional robustn..
