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VidyutTech Secures $10 Million Series A Funding

VidyutTech, an EV tailored platform with the goal to make ownership of electric vehicle simple & stress free has secured $10 Million in Series A Funding round (a mix of equity and debt funding) led by 3one4 Capital. Other investors included such as Saison Capital, Zephyr Peacock, Force Ventures, a venture debt fund Alteria Capital and CEO of Udaan, Sujeet Kumar.

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Vidyut intends to add talent and grow operations to 40 cities with the additional funding. In addition, the company wants to grow its new products and services, which include EV insurance, lifecycle management, and EV resale, and go further in the financial solutions to include insurance, resale, services, and maintenance for these electric cars.

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“Compared to ICE (internal combustion engine) vehicles, the servicing and maintenance options available to EVs are currently much lesser and mostly done in centres run by the vehicle sellers themselves. It is also more complicated as there is a lot more software and electronics work involved in servicing an EV, compared to an ICE vehicle… we are working to bridge that gap between EV and ICE,” Kothi said.

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Vidyut is also working with various insurers to introduce EV-focused products. “There is a lot more data that you can generate from an EV about, say, its daily usage, compared to an ICE vehicle. The idea is to leverage this data and to bundle the insurance with our existing financing and other services, to build a much more appealing subscription product,” Kothi said.

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About VidyutTech

Founded in 2021 by Xitij Kothi and Gaurav Srivastava, VidyutTech is an EV tailored platform with the goal to make ownership of electric vehicle simple & stress free. VidyutTech offer customers end-to-end solution for purchase, financing & resale.

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