Exclusive: EV financing startup Vidyut set to raise Series A

EV financing and vehicle lifecycle management platform Vidyut is set to raise $10 million in its Series A round, according to sources aware of the details. This is the first round of investment for the Bengaluru-based company this year.

The company has already received $5 million after issuing 6,185 Series A CCPS at an issue price of Rs 64,690 per share, 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 angels 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. Sources emphasised that the remaining $5 million will hit the company’s coffers soon.

Following the fresh proceeds, 3one4Capital became the largest external stakeholder with 15% followed by Zephyr Peacock India Growth Fund and Saison Capital which command 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.