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EV financing startup Vidyut raises $5 Mn in Series A

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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.