VidyutTech Company Profile

Background

VidyutTech, founded in 2021 and headquartered in Bengaluru, India, is dedicated to simplifying electric vehicle (EV) ownership through innovative financing solutions. The company's mission is to accelerate EV adoption in India by addressing key barriers such as high upfront costs and battery-related financial risks.

Key Strategic Focus

VidyutTech specializes in providing custom financing options and developing a secondary market for electric vehicles. The company's core objectives include:

Battery Subscription Financing Model: Allows consumers to rent EV batteries instead of purchasing them outright, significantly reducing initial down payments.

Free Battery Replacement Service: Subscribers benefit from free battery replacements every 3-5 years, bundled into their subscription fees.

Assured Buyback Programs: Offers buyback options, further reducing financial risks for EV owners.

Ecosystem Integration: Collaborates with Original Equipment Manufacturers (OEMs), lenders, and secondary market stakeholders to create a seamless value chain.

Financials and Funding

VidyutTech has successfully secured multiple funding rounds to support its growth:

Series A Funding: Raised $10 million in January 2024, led by 3one4 Capital, Zephyr Peacock, Saison Capital, Force Ventures, and Alteria Capital.

Seed Funding: Secured $4 million in December 2022 from Force Ventures, Veda VC, and angel investors.

The capital is intended to scale operations, enhance platform features, and expand market reach.

Pipeline Development

VidyutTech is focused on:

Market Expansion: Plans to scale operations across India to capture a larger share of the burgeoning EV market.

Product Innovation: Continues to refine its machine learning-based asset underwriting algorithms to enhance customer offerings.

Strategic Partnerships: Collaborates with OEMs, lenders, and secondary market players to strengthen its ecosystem.

Sustainability Initiatives: Focuses on long-term environmental impact through reduced battery waste and increased EV adoption.

Technological Platform and Innovation

VidyutTech employs a subscription-based business model that combines affordability with convenience. Its innovative approach not only differentiates it from competitors but also aligns with global trends toward asset-light ownership models.

Leadership Team

Gaurav Srivastava: Co-Founder. Previously a key leader in the EV vertical at Bounce.

Xitij Kothi: Co-Founder. Formerly associated with Rivigo and Swiggy.

Divanshu Singh: Chief Technology Officer.

Vivek Verma: Head of Sales.

Mahesh Tikone: EV Ecosystem Lead.

Aikta Dube: Credit Operations Manager.

Raj Sarkar: Risk Manager.

Ajit Gopi: Collections Manager.

Mithilesh Gurujala: Product Manager.

Shubham Dhake: Product Manager.

Mousumi Gogoi: Human Resources Manager.

Ankit Malpani: Head of Finance.

Leadership Changes

No recent significant changes or appointments within the company's leadership have been reported.

Competitor Profile

Market Insights and Dynamics

The global EV market for commercial vehicles is expected to reach $258.78 billion by 2027, growing at a CAGR of 25.10% from $67.51 billion in 2021.

Competitor Analysis

Key competitors include:

RevFin: Specializes in EV financing solutions.

Shriram City Union Finance: Offers non-bank lending services.

Wheels EMI: Provides vehicle financing options.

Cholamandalam Investment & Finance Co: Engages in diverse financial services.

Strategic Collaborations and Partnerships

VidyutTech has established significant partnerships to strengthen its market position:

Mahindra Last Mile Mobility: Collaborated to launch Battery-as-a-Service (BaaS) financing for EVs.

JSW MG Motor India: Introduced BaaS for select MG electric vehicles, allowing owners to rent batteries and reduce upfront costs.

Operational Insights

VidyutTech's subscription model reduces upfront costs by up to 40%, offers stress-free ownership through bundled services like free battery replacements, and provides flexibility through assured buyback options.