Bengaluru, February 08, 2024 – Vidyut, an electric vehicle (EV) financing and vehicle lifecycle management platform based in Bengaluru, is on the verge of raising $10 million in its upcoming Series A funding round, marking its first investment for the year.
The News:
In a regulatory filing accessed from the Registrar of Companies, Vidyut has already secured $5 million by issuing 6,185 Series A Compulsorily Convertible Preference Shares (CCPS) at an issue price of Rs 64,690 per share.
Leading the Series A round is 3one4Capital, contributing Rs 22.2 crore, with additional investments from Zephyr Peacock India fund of Rs 7.1 crore and Saison Capital fund of Rs 8 crore. LetsVentures, Angellist, and prominent angels such as Sujeet Kumar and Rajiv J Chaudhri have collectively invested Rs 2.7 crore in the round.
According to TheKredible, Vidyut’s post-allotment valuation stands at approximately Rs 148 crore or $18 million. Sources indicate that the remaining $5 million is expected to be secured shortly.
Following the latest funding, 3one4Capital emerges as the largest external stakeholder with a 15% ownership, followed by Zephyr Peacock India Growth Fund (13.96%) and Saison Capital (5.41%). For a comprehensive cap table, refer to TheKredible.
What are Vidyut’s plans for the future?
Vidyut has also passed a resolution to expand its Employee Stock Ownership Plan (ESOP) pool by introducing 768 new options, bringing the total ESOP pool size to 1,879 Esops. The estimated worth of its ESOP pool, as per TheKredible, now stands at Rs 12.1 crore.
Founded in 2021, Vidyut primarily caters to commercial vehicle fleet owners, offering EV financing and ownership plans designed to mitigate the risks associated with battery ownership.
Having recently concluded a seed round of $4 million, comprised of equity and debt, led by Force Ventures, Veda VC, and a group of notable angels, including Sujeet Kumar, Kunal Shah, Shriharsha Majety, among others, Vidyut is currently in the pre-revenue stage. The company reported an income of Rs 68 lakh with a loss of Rs 3 crore for the fiscal year ending March 2023.
In the competitive landscape of electric vehicle financing, Vidyut faces rivals such as Revfin, Finayo, Mufin Green Finance, OTO, evfin, and Hero FinCorp. Notably, Revfin recently secured $14 million in a Series B round led by Omidyar Network.
