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Friday, June 14, 2024

EV funding startup Vidyut secures $4M to expand its teams

Vidyut, a startup in electric vehicle (EV) finance, has secured seed funding of  $4 million. Gaurav Srivastava and Xitij Kothi founded Vidyut in 2021 with the intention of making commercial EV ownership a risk-free and cheap option for clients.

In a round headed by Force Ventures, Veda VC, and a number of strategic angel investors in the clean-energy sector, Vidyut (VT), a platform for EV financing and vehicle lifecycle management, has secured $4 million in a combination of equity and debt, the firm said on December 8.

The seed round also included participation from the cofounders of Udaan, Sahil Barua, cofounder and CEO of Delhivery, Kunal Shah, cofounder of CRED, Sriharsha Majety, cofounder of Swiggy, and Rajat Verma, cofounder of Lohum.

The business will utilise the money to move into other locations, and in a year, it hopes to increase the size of its credit, engineering, and sales teams.

Co-founder Xitij Kothi said,  “We’ll expand the product to OEM partners and international markets. We’ll also increase the workforce to twice its current size.”

The majority of Vidyut’s business was centred on Bengaluru and Delhi, but Kothi said that with the fresh capital, the company was considering Chennai, Hyderabad, and Pune.

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