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EV financing startup Vidyut raises $10 million in funding led by 3one4 Capital
Economic Times
·
1y ago
Medial
Electric vehicle financing company Vidyut has raised $10 million in a funding round led by 3one4 Capital. Other investors in the round included Saison Capital, Zephyr Peacock, and Alteria Capital. Vidyut provides financing and ownership plans for electric three-wheeled vehicle fleet owners, primarily catering to small and micro businesses. The funds will be used to expand operations to 40 cities and to develop additional services such as insurance, resale, and maintenance for electric vehicles. Vidyut is also working on building a resale ecosystem and partnering with insurers for EV-focused products.
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Vidyut Nets $10 Mn From 3one4 Capital, Others To Venture Into EV Insurance, Resale Space
Inc42
·
1y ago
Medial
Indian commercial electric vehicle (EV) financing startup, Vidyut, has raised $10 million in a Series A funding round led by 3one4 Capital. The round consisted of both equity and debt investments from existing and new investors, including Zephyr Peacock and Udaan CEO Sujeet Kumar. Vidyut plans to utilise the funds to expand its business and enhance its offering as a full-stack EV enabler, including services such as EV insurance, vehicle lifecycle management and EV resale. Vidyut aims to be present in 40 Indian cities within the next year and expand its OEM partnerships.
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EV Start-Up Vidyut Raises $10 Million In Series A Led By 3one4 Capital
OutlookIndia
·
1y ago
Medial
EV ecosystem start-up Vidyut has raised $10 million in a Series A funding round led by 3one4 Capital. The company aims to simplify the EV ownership experience by offering services such as EV insurance, lifecycle management, and EV resale. It also plans to expand to 40 cities in India. Vidyut offers a battery subscription ownership plan and has already provided solutions for several well-known companies in the EV sector. The funding will help the company scale its offerings and build a full-stack EV ecosystem. The surge in EV sales in India further highlights the growing market.
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Vidyut raises $10 Mn in Series A led by 3one4 Capital
Entrackr
·
1y ago
Medial
EV financing and vehicle lifecycle management platform Vidyut has raised $10 million in its Series A round led by 3one4 Capital. The round also saw participation from new and existing investors including Saison Capital, Zephyr Peacock, Force Ventures, Alteria Capital and Udaan CEO Sujeet Kumar. The Series A round is a mix of equity and debt funding. Entrackr had exclusively reported about Vidyut’s new fundraise earlier this month. Previously, it closed its seed round of $4 million in a mix of equity and debt led by Force Ventures and others in December 2022. This funding emphasizes the company’s commitment to improve EV ownership for SMBs and the startup will utilize the new funds to scale its offerings to the EV ecosystem, the startup said in a press release. Vidyut, which offers EV insurance, lifecycle management, and EV resale, is also looking to expand its presence to 40 Indian cities. The company will also double its team size by the end of FY25 as it prepares to build a full stack EV ecosystem. Founded in 2021 by Xitij Kothi and Gaurav Srivastava, the company offers a battery subscription ownership plan powered by proprietary asset-underwriting algorithms. It already offers ownership solutions for Mahindra, Piaggio, Altigreen, Murugappa Group’s Montra Electric, Euler Motors and OSM vehicles. The two-year-old company was in the pre-revenue stage until FY23 and posted an income of Rs 68 lakh with a loss of Rs 3 crore during the last fiscal year. In the electric vehicle financing space, Vidyut competes with Revfin, Finayo, Mufin Green Finance, OTO, evfin, and Hero FinCorp, among others. The Indian startup ecosystem has seen an uptick in funding for EV financing focused startups in the past couple of months. In December, Revfin raised $14 million in Series B round while Mufin and OTO raised $17 million and $10 million, respectively, earlier this month.
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Vidyut raises $2.5 Mn to expand battery-as-a-service financing biz
Entrackr
·
5m ago
Medial
Snippets Vidyut raises $2.5 Mn to expand battery-as-a-service financing biz Bengaluru-based full-stack electric vehicle (EV) ecosystem platform Vidyut has raised $2.5 million in funding from global fintech investor Flourish Ventures. To date, Vidyut has raised over $16.5 million from 3one4 Capital, Credit Saison, Flourish Ventures, Zephyr Peacock, Lighthouse Canton, and other prominent investors. The firm concluded its $10 million Series A round in February last year. The funding will fuel the expansion of Vidyut's battery-as-a-service (BaaS) offerings in both passenger and commercial EV segments. This investment reinforces Vidyut's mission to accelerate India's clean energy transition by making EV ownership accessible and affordable for SMBs, the company said in a press release. Founded in 2021 by ex-Swiggy and Bounce executives Xitij Kothi and Gaurav Srivastava, Vidyut revolutionized commercial EV financing. By unbundling batteries from EVs and offering them on a pay-per-km subscription basis, Vidyut reduced upfront three-wheeler (3W) EV costs by 35-40%, making them significantly cheaper than ICE vehicles from day one. In 2023, Vidyut expanded its offerings to include EV resale and lifecycle management solutions, a move that has seen rapid customer adoption and market traction. In September 2024, the company entered the passenger EV market through a partnership with JSW MG Motor India, marking India's first BaaS model for four-wheelers that cuts upfront vehicle costs by 30%. With key industry partners such as TATA Motors, JSW, MG Motor India, Mahindra Last Mile Mobility, Piaggio, and Euler Motors, along with a strong distribution network spanning 30 cities, Vidyut has enabled micro-entrepreneurs and fleet operators to embrace sustainable choices while boosting their earnings by 10-15% through EV adoption. "With proven unit economics, strong 15% month-on-month growth, and long-term OEM partnerships, this investment will help us scale our innovative financing and lifecycle solutions across new vehicle segments," said Xitij Kothi. The Bengaluru-based company also launched an EV resale platform for the three-wheeler commercial vehicle segment, which manages the entire process—from inspection and valuation to sale and RTO documentation. According to the company, this new platform has streamlined the resale process for commercial EV owners and has helped customers realize up to 10-15% higher returns than ICE counterparts in secondary markets. In the electric vehicle financing space, Vidyut competes with Revfin, Finayo, Mufin Green Finance, OTO, Evfin, and Hero FinCorp, among others.
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EV Financing Startup Ascend Capital Bags INR 50 Cr For Business Expansion
Inc42
·
1y ago
Medial
EV financing startup Ascend Capital has raised INR 50 Cr in its Series A funding round to fuel its expansion plans. The funding round was co-led by InfoEdge Ventures and Asha Ventures. Ascend Capital aims to become a leading player in India's mobility finance industry and plans to expand its book across multiple geographies, targeting an AUM of INR 300 Cr in the next two years. The company faces competition from other players in the EV financing space such as Revfin, Mufin Green Finance, Ecofy, and Vidyut.
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EV financing startup Perpetuity Capital raises Rs 7 Cr
Entrackr
·
1y ago
Medial
Perpetuity Capital, a fintech platform specializing in clean-tech mobility, has raised Rs 7 crore through Non-Convertible Debentures (NCDs) from N+1 Capital and RevX Capital. Perpetuity Capital plans to utilise these funds to enhance its lending capabilities and expand its loan book, particularly focusing on the regions of East India. This strategic move is aimed at promoting the adoption of environmentally friendly mobility solutions in these states. Led by Karamveer Dhillon, Perpetuity Capital helps delivery drivers and autorickshaw drivers avail finance to purchase electric vehicles for commercial use. In October 2023, Perpetuity Capital raised Rs 5 crore in debt from Clime Finance. In the electric vehicle financing space, Perpetuity Capital competes with Vidyut, Revfin, Finayo, Mufin Green Finance, OTO, evfin, and Hero FinCorp, among others. Revfin raised $14 million in Series B round led by Omidyar Network in December whereas Vidyut raised $10 million in February this year.
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Digital lending startup LoanTap raises pre-Series C round
VCCircle
·
2m ago
Medial
Digital lending startup LoanTap, supported by venture capital firms like 3one4 Capital, has secured Rs 54 crore ($6.2 million) in a pre-Series C equity funding round. The Pune-based company aims to expand its supply chain financing for small retailers. CEO Satyam Kumar emphasizes leveraging the momentum in India's MSME sector to enhance invoice financing and empower MSMEs. Founded in 2016, LoanTap offers personal and MSME loans, reporting improved financial performance in recent years.
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Trade-enablement startup Xindus raises $10 million funding from 3one4 Capital, others
Economic Times
·
4m ago
Medial
Xindus, a Gurgaon-based trade-enablement startup for SMEs, secured $10 million in funding led by 3one4 Capital and Orios Venture Partners. The funds aim to expand operations, increase the customer base from 1,000 to 10,000, and boost gross merchandise value to $200 million. Founded in 2022, Xindus streamlines global market access for Indian SMEs by enhancing order fulfillment and financial management. The startup plans to grow in India, the US, the UK, and new markets like Canada and Australia.
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EV financing startup Vidyut raises $5 Mn in Series A
Entrackr
·
1y ago
Medial
EV financing and vehicle lifecycle management platform Vidyut has raised $5 million or Rs 40 crore in its Series A round. This is the first round of investment for the Bengaluru-based company this year. The board at Vidyut has passed a special resolution to issue 6,185 Series A CCPS at an issue price of Rs 64,690 per share to raise $5 million or R 40 crore, its regulatory filing accessed from the Registrar of Companies shows. 3one4Capital spearheaded the round with Rs 22.2 crore while Zephyr Peacock India Fund and Saison Capital pumped in Rs 7.1 crore and Rs 8 crore respectively. LetsVentures, Angellist, and high-profile angles including Sujeet Kumar and Rajiv J Chaudhri cumulatively poured Rs 2.7 crore during the round. As per the data intelligence platform TheKredible, the company has been valued at around Rs 148 crore or $18 million post-allotment. Following the fresh proceeds, 3one4Capital became the largest external stakeholder with 15% followed by Zephyr Peacock India Growth Fund and Saison Capital which commands 13.96% and 5.41% respectively. Head to TheKredible for the complete captable. Vidyut has further passed a resolution to expand its ESOP pool by adding 768 fresh options which increased its pool size to 1,879 Esops. As per TheKredible estimates, its ESOP pool is now worth Rs 12.1 crore. The company had closed its seed round of $4 million in a mix of equity and debt led by Force Ventures, Veda VC, and a group of marquee angles including Sujeet Kumar, Kunal Shah, Shriharsha Majety, and others. Founded in 2021, Vidyut focuses primarily on serving commercial vehicle fleet owners. The company offers electric vehicle (EV) financing and ownership plans designed to mitigate the risks associated with owning a battery. The two years old company is in the pre-revenue stage which posted an income of Rs 68 lakh with a loss of Rs 3 crore during the previous fiscal year ended March 2023. In the electric vehicle financing space, Vidyut competes with Revfin, Finayo, Mufin Green Finance, OTO, evfin, and Hero FinCorp, among others. Recently, Revfin raised $14 million in Series B round led by Omidyar Network.
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GMO Venture, Elevation, Inventus, Matrix Partners, Finvolve lead rounds in five startups
VCCircle
·
1y ago
Medial
Five startups have secured early-stage funding from investors such as GMO Venture Partners, Elevation Capital, Inventus Capital, Matrix Partners, and Finvolve. Oto, a two-wheeler financing platform, raised $10 million in a round led by GMO Venture Partners. Content commerce platform Wishlink raised $7 million in a Series A round led by Fundamentum Partnership. Senior citizen care platform Khyaal secured $4.2 million in a seed funding round co-led by 62Ventures, SVQuad, and Inventus Capital. Ride-sharing app Advance Mobility raised $2 million led by Finvolve. Adtech startup Adster raised $1 million in seed funding from WaterBridge Ventures.
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