Commercial electric vehicle (EV) financing startup for small and medium businesses Vidyut has raised $10 million in its latest Series A funding round, the company announced on Tuesday. The round, a mix of equity and debt, was led by investor 3one4 Capital and saw the participation of new and existing investors including Saison Capital, Zephyr Peacock, Force Ventures, venture debt fund Alteria Capital and CEO of Udaan, Sujeet Kumar.
The company said it will deploy the capital to expand its offerings from EV financing to EV insurance, lifecycle management, and EV resale as well with a presence in 40 cities ahead and doubling its team size by the end of financial year 2024-25.
