Flourish Ventures has invested in Vidyut, which provides an innovative Battery-as-a-Service model that addresses financing challenges in India's growing electric vehicle market.

Information on the Target

Vidyut is an innovative company established to address the financing challenges in the rapidly growing electric vehicle (EV) market in India. Its unique Battery-as-a-Service (BaaS) model effectively separates the cost of the battery from the vehicle's chassis, making EV ownership more accessible for individuals, small businesses, and fleet operators. By mitigating financial risks associated with EV purchase—such as concerns over battery life and resale value—Vidyut creates an attractive financing solution that fosters greater adoption of electric mobility.

The company plays a pivotal role in transforming the automotive sector by offering flexible financing options that meet the needs of diverse customers, particularly those who may struggle with traditional financing due to high upfront costs. Vidyut’s strategic approach allows it to unlock the potential of the EV market in India, underlining its commitment to fostering sustainable transport solutions.

Industry Overview in India

The electric vehicle market in India is experiencing significant growth, with an annual sales growth rate hitting a compound annual growth rate (CAGR) of approximately 100% from FY15 to FY24. Following a brief decline due to the COVID-19 pandemic, the market rebounded robustly, reaching s