Bengaluru-based EV start-up Vidyut is planning to expand its market presence and aims to partner with nearly four OEMs by the end of FY25, according to Xitij Kothi, Co-Founder of Vidyut.

After collaborating with JSW MG Motor India to launch a Battery-as-a-Service (BaaS) financing option for several MG electric models, the company has announced its partnership with Mahindra Last Mile Mobility Limited (MLMML), a subsidiary of Mahindra, to offer financing for Mahindra’s electric vehicles.

With the partnership, Vidyut and Mahindra look to launch BaaS financing for MLMML’s EVs, including the Mahindra ZEO (4W), Zor Grand, and Treo Plus (3Ws). Under the BaaS program, customers will pay a minimal rental fee starting at ₹2.50 per kilometer for 4W, and ₹1.45 per km for 3W. Furthermore, Vidyut will offer MLMML’s vehicle customers the option to either buy out the battery or continue with the battery rental program after the financing term ends. Vehicle owners can also choose to discontinue the program at any time by paying the battery’s remaining value.

Deepening presence

The company primarily operates in North India which includes NCR, Kanpur, Lucknow, and Agra. In South India, the company has a strong presence in Bengaluru, Hyderabad, Chennai, and Nagpur.

Moving forward, Vidyut plans to focus on deepening its presence in these regions over the next three to six months, especially in smaller towns, and cities where demand for commercial vehicles is growing. Recent expansions include cities like Barabanki, Meerut, and Mathura.

Founded in 2021, Vidyut has operations in over 30 cities in India. The company has raised $14 million, led by 3one4 Capital, with participation from Saison Capital, Zephyr Peacock, Force Ventures, venture debt fund Alteria Capital, and Udaan’s co-founder, Sujeet Kumar.

Vidyut will also give MLMML vehicle customers the choice to either buy out or continue with the battery rental program post the financing term. By paying the battery’s remaining worth, the vehicle owners can also choose to discontinue the program at any moment.