Vidyut (VT), an EV financing start-up, has raised $10 million in Series A, led by 3one4 Capital. The round also witnessed participation from new and existing investors, namely, Saison Capital, Zephyr Peacock, Force Ventures, a venture debt fund Alteria Capital and CEO of Udaan, Sujeet Kumar. The Series A round is a mix of equity and debt funding.

The funds will be used to expand Vidyut’s services within the EV ecosystem. Vidyut plans to introduce EV insurance, lifecycle management, and EV resale, as stated in the company’s release.

The company is also planning to expand its presence to 40 Indian cities.

Commenting on investment Sonal Saldanha, Vice President, Investments, 3one4 Capital, said, “Electric vehicles pose new underwriting and product structuring challenges to financiers. EVs also meaningfully expand the role of data in the lifecycle of a financing journey and make new lending models possible. Vidyut’s model removes EV adoption barriers, especially in the large but price sensitive driver cum owner segment. At 3one4 Capital, we are excited to back the Vidyut team in their mission to simplify EV ownership.”

Gaurav Srivastava, co-founder of Vidyut said, “This investment is a testament to our innovative approach in combining technology and financial services to serve the EV market. Our focus is not just on financing but on elevating the entire EV ownership journey for India’s SMBs, who are the backbone of our economy. We’re glad to welcome long term partners like 3one4 and Saison to our captable and deliver a seamless, integrated experience for our customers.”