Vidyut Partners With MG Motor To Make EV Ownership Easier With Battery-as-a-Service

Vidyut, a Bengaluru-based startup specializing in electric vehicles (EVs), has partnered with JSW MG Motor India to launch Battery-as-a-Service (BaaS) financing option for several MG electric models, including the MG Comet EV, MG Windsor EV, and MG ZS EV.

With this new program, customers can rent the battery, starting at just Rs 2.5 per kilometer, significantly cutting down running costs by up to 40 percent compared to traditional fuel vehicles.

Unlike internal combustion engine (ICE) vehicles that come with ongoing fuel expenses, the BaaS model allows customers to pay only for the vehicle itself, excluding the battery. This approach lowers the initial cost of acquiring an EV, making it more affordable and convenient for potential buyers.

After a financing period of 3 to 5 years, depending on the vehicle model, customers can choose to either continue renting the battery or buy it outright. They also have the option to leave the program anytime by paying the battery’s residual value.

Xitij Kothi, Co-Founder of Vidyut, shared insights on this partnership, stating, “Since its inception in 2021, Vidyut has made significant strides in pioneering this financing model for commercial applications. And now we are excited to extend that same level of innovation to personal four-wheeler vehicles with JSW MG Motor India.”

Gaurav Gupta, Chief Growth Officer at JSW MG Motor India, praised Vidyut’s unique approach, noting, “And we are delighted to partner with Vidyut, as one of our financing partners, to introduce BaaS, to address the barrier of incremental upfront cost of owning an EV and reducing the overall running cost significantly.”

Additionally, MG EV customers can benefit from a guaranteed 60 percent buyback value after three years of ownership, enhancing their ownership experience.

Vidyut is also venturing into the sale and financing of used EVs, particularly supporting the resale market for three-wheeled commercial EVs in major cities like Delhi NCR, Bengaluru, and Hyderabad.

Currently operating in over 30 cities across India, Vidyut has collaborated with various OEMs, including Tata Motors, Mahindra, and Euler Motors. The startup has successfully raised $14 million in funding, led by 3one4 Capital and backed by other notable investors.