INSUBCONTINENT EXCLUSIVE:
(L-R) Xitij Kothi, Co-founder, Vidyut and Gaurav Gupta, CGO, JSW MG Motor India4 min read Last Updated : Sep 30 2024 | 5:11 PM
IST
Vidyut, a Bengaluru-based startup specialising in a full-stack electric vehicle (EV) ecosystem, has partnered with JSW MG Motor India
to launch an innovative financing model for passenger cars
This collaboration introduces a battery-as-a-service (BaaS) program for popular EV models such as the MG Comet EV, MG Windsor EV, and MG ZS
EV, with the goal of making electric vehicles more accessible and affordable for consumers.
The new BaaS model offers customers the option
to rent the battery at a minimal cost of Rs 2.5 per kilometre based on usage, reducing overall running costs by 40 per cent compared to
traditional internal combustion engine (ICE) vehicles
This initiative significantly lowers the upfront cost of EV ownership by excluding the cost of the battery from the vehicle purchase, making
ICE vehicles, which come with ongoing fuel expenses, the BaaS model allows EV owners to pay only for battery usage when the car is on the
The flexibility of this model also extends beyond the financing tenure of 3-5 years (depending on the vehicle)
Customers can choose to continue renting the battery or purchase it outright
So why should you pay for it when the vehicle is not on the road? This very question inspired us to introduce battery-as-a-service (BaaS)
Since its inception in 2021, Vidyut has made significant strides in pioneering this financing model for commercial applications
make EV ownership not just accessible but also cost-efficient for everyone, empowering individuals to embrace sustainable mobility without
towards this unique and industry-first ownership program to make passenger EVs more accessible and further boost EV adoption in India
And we are delighted to partner with Vidyut, as one of our financing partners, to introduce BaaS, to address the barrier of incremental
this model will incentivize more potential EV buyers enabling them to upgrade to an EV lifestyle
Additionally, MG EV customers can also avail the assured 60 per cent buyback value after three years of ownership, reassuring a seamless and
recently ventured into the sale and financing of used EVs, supporting the resale of three-wheeler commercial EVs across Delhi NCR,
Vidyut now operates in over 30 cities in India, collaborating with original equipment manufacturer (OEM) partners like Tata Motors,
its inception, led by 3one4 Capital with contributions from both new and existing investors such as Saison Capital, Zephyr Peacock, Force
