Vidyut, an India-based EV financing startup, has secured US$2.5 million from Flourish Ventures to expand its Battery-as-a-Service (BaaS) offerings.

The company focuses on growing in the passenger vehicle segment and scaling commercial EV operations.

Founded in 2021, Vidyut aims to make EV ownership more accessible with its pay-per-kilometer battery subscription model, which reportedly reduces upfront EV costs by up to 40%.

Vidyut has partnered with major auto manufacturers like Tata Motors, Mahindra, and MG Motor India, covering 30 cities.

It recently entered the passenger EV market with JSW MG Motor India, launching the country’s first BaaS model for four-wheelers, cutting vehicle costs by nearly 30%.

Besides financing, Vidyut offers lifecycle management services, including maintenance, insurance, and an EV resale platform.

To date, Vidyut has raised over US$16.5 million from investors like 3one4 Capital, Saison Capital, and Zephyr Peacock.

The company aims to accelerate EV adoption and support India’s transition to sustainable transportation.