The startup provides tailored loan financing services for electric vehicles, facilitating a seamless ownership experience from purchase to resale. By partnering with key stakeholders, it addresses the financial barriers to electric vehicle ownership and enhances market liquidity through a secondary vehicle market.
Funding
$8.8M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
The upfront cost of electric vehicles, particularly the battery component, presents a significant barrier to adoption for many potential owners. Traditional financing options often require substantial down payments and may not adequately address the unique aspects of EV ownership, such as battery life and resale value.
Solution
Vidyut Tech offers specialized loan financing solutions designed to make electric vehicle ownership more accessible and affordable. The company's ownership plans feature low down payments and a pay-as-you-use subscription model for the battery, significantly reducing the initial financial burden. Vidyut retains ownership of the battery, providing customers with a lifetime battery warranty that includes free replacements after 3-5 years. Additionally, Vidyut provides assured buyback options, addressing concerns about the long-term value and resale of EVs.
Target Audience
The primary target audience includes individuals and businesses in India looking to purchase electric three-wheelers, particularly those who are sensitive to upfront costs and seek flexible financing options.
Features
- Low down payment options for EV purchases, reducing the initial cost barrier.
- Pay-as-you-use subscription model for battery usage, with fees as low as ₹1.5 per kilometer.
- Lifetime battery warranty, providing free replacements after 3-5 years under the subscription plan.
- Assured buyback program, offering a guaranteed resale value for EVs.
- Cashless vehicle maintenance and repair services.
- Vidyut recharge app for easy payment of subscription fees based on usage.
- Partnerships with major EV manufacturers, offering a diverse range of vehicle models.