Bengaluru-based full-stack EV ecosystem startup Vidyut has partnered with JSW MG Motor India to finance its newly launched Battery-as-a-service (BaaS) models for the - MG Comet EV, MG Windsor EV, and MG ZS EV.

Under the BaaS program, customers will have to pay a minimum rental fee starting at INR 2.5 per kilometre as per the battery usage. This initiative will enable EV owners to pay for the battery on rent, helping them to reduce the running cost by 40 percent as compared to traditional ICE vehicles.

Unlike ICE vehicles, which incur ongoing fuel costs, Battery-as-a-service (BaaS) model enables customers to pay solely for the vehicle (minus battery), significantly reduces the initial acquisition cost of the EV. Post the completion of the financing tenure of the vehicle (minus battery) after 3-5 years depending on the vehicle model, Vidyut will also offer its customers an option to either continue with the battery rental program or buy it out. The vehicle owners can also opt out of the program at any point of time by paying the residual value of the battery.

Xitij Kothi, Co-Founder, Vidyut shared, “People think of battery as an asset, but we think battery as a fuel. 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) into the EV ecosystem. 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. Our goal is to make EV ownership not just accessible but also cost-efficient for everyone, empowering individuals to embrace sustainable mobility without the financial burden that traditionally accompanies it.”

Gaurav Gupta, Chief Growth Officer, JSW MG Motor India said, “As a young startup, we appreciate Vidyut’s approach 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 upfront cost of owning an EV and reducing the overall running cost significantly. With this innovative program, we are confident that 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 percent buyback value after three years of ownership, reassuring a seamless and confident ownership experience.”

Recently, Vidyut also forayed into sale and financing of pre-owned EVs to support the resale of three-wheeler commercial EVs in Delhi-NCR, Bengaluru, and Hyderabad. The startup currently operates in more than 30 cities in India with OEM partners such as Tata Motors, Mahindra & Mahindra, Euler Motors, Piaggio, Greaves Cotton, Murugappa Group's Montra Electric, and Altigreen.

Till now, Vidyut has raised a total of $14 million (INR 1.1 billion) led by 3one4 Capital with participation from new and existing investors namely, Saison Capital, Zephyr Peacock, Force Ventures, a venture debt fund Alteria Capital and Udaan’s co-founder, Sujeet Kumar.

TI Clean Mobility, part of the Murugappa Group, has appointed Jalaj Gupta as the new Managing Director.  

The auto industry veteran in his last position was the Business Head for Commercial Vehicles at Mahindra Group. He has around 29 years of experience in the automotive industry with expertise in business strategy, product development, sales, marketing, and vendor management.

Gupta an alumnus of Punjabi University and IMT Ghaziabad has also held leadership roles at Tata Motors and Ashok Leyland.

Prior to Gupta, TI Clean Mobility was led by Kalyan Kumar Paul, who served as the Managing Director with over 30-years of career with Tube Investments of India (TII) Group, which is part of the Murugappa Group. Paul had retired from the company in October 2024.

TI Clean Mobility, the electric vehicle business of the Murugappa Group, currently sells electric three-wheelers under the Montra brand and is also set to enter the electric small commercial vehicle (e-SCV) and electric tractor space. 

Mumbai-based automotive major Mahindra has unveiled the teaser sketches of its upcoming electric origin SUVs – the BE 6e and XEV 9e ahead of the November 26 debut.

Based on the Heartcore design philosophy, the BE 6e and XV 9e are completely new pure electric vehicles designed by the company, which it believes will disrupt the passenger vehicle segment.

The company is betting big on the upcoming EVs as they encapsulate dynamic styling, premium materials, and progressive proportions.

Pratap Bose, Chief Design & Creative Officer, Mahindra & Mahindra, said, “Heartcore Design is about creating an emotional bond with our customers through design. Prepare to fall in love with our Electric Origin SUVs.”

Montra Electric, a brand owned by Tl Clean Mobility Pvt Ltd, has praised the Government of India for the continuation of subsidy support for the electrification of last-mile mobility under the PM Electric Drive Revolution in Innovative Vehicle Enhancement (PM E-DRIVE) Scheme.

Roy Kurian, Business Head, Montra Electric (Last Mile Division), said, “Montra Electric sincerely thanks the Ministry of Heavy Industry, Govt of India for ensuring continuity of the subsidy support to last-mile mobility. This crucial support will help the industry navigate challenges and further speed up the shift to electric last-mile solutions.”

The PM E-DRIVE Scheme was launched on 29 September 2024. The scheme was put into effect on 1 October 2024 and will continue until 31 March 2026. Furthermore, EMPS-2024, the number of vehicles and the spending under EMPS-2024 for e-2w and e-3w being implemented from 1 April 2024 to 30 September 2024 are being subsumed under the PM E-DRIVE Scheme; hence, the scheme's effective time will be two years.

Pure EV, one of India's leading electric two-wheeler manufacturers, has entered into a strategic partnership with Arva Electric Vehicles Manufacturing LLC, a subsidiary of Clarion Investment LLC, with an aim to expand its presence across the Middle East and African regions.

Under the terms of the agreement, Pure EV will provide Arva Electric with a first shipment of 50,000 of its flagship models, the eTryst X and ecoDryft, over the next couple of years. Pure EV's position in these developing markets is anticipated to be cemented when the supply rises to 60,000 units per year after this initial phase. Pure EV will be Arva Electric's key technology partner in addition to supplying motorcycles, offering knowledge and assistance all the way through the distribution process. Pure EV will uphold all intellectual property rights pertaining to the bikes in order to safeguard unique technology as they increase their market share.

Dr Nishanth Dongari, Founder and Managing Director, Pure EV, said, “Our commitment to innovation and user experience ensures that we provide market-ready offerings and meet the growing demand for electric mobility solutions. This partnership not only aims to enhance sales but also to foster sustainable mobility solutions in regions where electric motorcycles are rapidly gaining traction, marking a significant step towards expanding our footprint in Middle East and African markets. By leveraging our strengths and capabilities together with Arva Electric, we are poised to make a significant impact on the electric vehicle landscape globally.”

Aniyan Kutty, Managing Director, Arva Electric Vehicles Manufacturing LLC, said, “We are pleased to partner with Pure EV, as their expertise in R&D and cutting-edge technology helps in building efficient and reliable 2W products. Both the companies are committed to promoting eco-friendly mobility solutions with an aim to reduce carbon emissions and support environmental sustainability in these regions.”