Vidyut Secures $2.5 Mn Funding from Flourish Ventures
ECONOMY & POLICY

Vidyut Secures $2.5 Mn Funding from Flourish Ventures

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—marking 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—marking 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
Infrastructure Urban

ADB Approves $200 Mn Loan to Strengthen Kolkata’s Infrastructure

The Asian Development Bank (ADB) has approved a $200-million loan to support the development of climate- and disaster-resilient sewerage and drainage infrastructure in Kolkata. The initiative aims to enhance the city's livability, particularly benefiting vulnerable populations, including women and children. This project is part of the Kolkata Municipal Corporation Sustainability, Hygiene, and Resilience (Sector) Project, which seeks to improve sanitation, urban flood management, and overall public health outcomes. Kolkata, one of India’s most densely populated cities, struggles with inadequ..

Next Story
Infrastructure Urban

Mahanadi Waterfront Project to Transform Cuttack’s Riverfront

The State government, in collaboration with urban development authorities and environmental experts, has announced the conceptualization of the Mahanadi Waterfront Project, a landmark initiative aimed at revitalising the riverfront while promoting ecological conservation and urban development. This transformative project will enhance the quality of life for residents, boost tourism, and preserve the river’s cultural, historical, and environmental heritage. A high-level meeting was convened at Kharabela Bhawan, chaired by Dr. Krushna Chandra Mahapatra, Minister of Housing and Urban Developme..

Next Story
Infrastructure Transport

Kolkata Metro Introduces Multi-Ticket QR System

Starting February 28, Kolkata Metro Railway will allow commuters to purchase multiple paper-based QR tickets in a single transaction across all lines except the Purple Line (Joka-Majerhat). Until now, passengers could buy only one ticket per transaction, often leading to long queues and increased waiting times. The new system enables the purchase of up to seven tickets in one go, significantly improving ticketing efficiency and commuter convenience. The service will be available on the following lines: Blue Line (Dakshineswar-New Garia) Orange Line (New Garia-Ruby Crossing) Green Line (How..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?