Vidyut, an electric vehicle financing startup, announced on Thursday that it has raised $4 million (Rs 32 crore) in a combination of equity and debt funding led by Force Ventures and Veda VC.

Sujeet Kumar (Udaan), Sahil Barua (Delhivery), Kunal Shah (Cred), Sriharsha Majety (Swiggy), and Rajat Verma were among the strategic angel investors who took part in the round.

The Bengaluru-based company plans to use the additional funds to expand its offering across OEM partners and geographies. It also intends to hire people in credit, engineering, and sales.

Vidyut, founded in 2021, is a platform that extracts a high residual value for EVs, allowing customers to obtain an effective interest rate as low as 7 per cent. Ownership options are available for Mahindra, Altigreen Euler, and OSM vehicles.

Venture capital funding in India’s EV space has been ongoing for several years, but it has only recently gained traction.

According to a recent report by consulting firm RBSA Advisors, India’s EV market will grow at a compound annual growth rate of 90 per cent to reach $150 billion by 2030.

According to the Federation of Automobile Dealership Associations of India, 429,217 EVs have been sold so far this fiscal year, more than tripling the 134,821 units sold in FY21.

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