Vidyut Partners with JSW MG Motor India to Launch Battery-as-a-Service Financing, Revolutionizing Electric Vehicle Ownership

Vidyut, a Bengaluru-based full-stack EV ecosystem startup, has partnered with JSW MG Motor India to introduce an innovative Battery-as-a-Service (BaaS) financing model for passenger electric vehicles. The initiative, launched for models including the MG Comet EV, MG Windsor EV, and MG ZS EV, aims to reduce the overall cost of EV ownership.

Under the BaaS program, customers will pay a minimum rental fee starting at INR 2.5/km* based on battery usage, significantly lowering running costs by up to 40% compared to traditional internal combustion engine (ICE) vehicles. This approach allows EV owners to pay for the battery separately, reducing the vehicle’s upfront cost and making EV ownership more accessible.

After the financing tenure of the vehicle (excluding the battery), which ranges from 3 to 5 years depending on the model, Vidyut offers customers the option to either continue renting the battery or purchase it outright. Vehicle owners can also opt out of the program by paying the battery’s residual value.

Xitij Kothi, Co-Founder of Vidyut, stated, “People think of the battery as an asset, but we think of it as fuel. This led us to introduce the Battery-as-a-Service model to the EV ecosystem. We’re excited to bring this innovation to personal four-wheelers with JSW MG Motor India, aiming to make EV ownership more affordable and sustainable.”

Gaurav Gupta, Chief Growth Officer at JSW MG Motor India, commented, “We’re pleased to partner with Vidyut to offer this unique financing program, which addresses the barrier of high upfront costs in EV ownership. With this program, we believe more consumers will adopt electric vehicles and transition to an eco-friendly lifestyle.”

In addition to launching the BaaS model, Vidyut has expanded into the sale and financing of used EVs, focusing on the resale of three-wheeler commercial EVs in key markets such as Delhi NCR, Bengaluru, and Hyderabad. The startup, which operates in over 30 cities across India, has collaborated with OEMs such as Tata Motors, Mahindra, and Piaggio. Vidyut has raised a total of $14 million in funding, led by 3one4 Capital and other investors, including Saison Capital and Zephyr Peacock.