Vidyut has partnered with JSW and MG Motor India to introduce a Battery-as-a-Service financing option for passenger cars

The full-stack EV ecosystem firm Vidyut (VT), located in Bengaluru, has added passenger cars to its portfolio of Battery-as-a-Service (BaaS) offerings. The firm is offering a Battery-as-a-Service (BaaS) financing option for passenger cars, such as the MG Comet EV, MG Windsor EV, and MG ZS EV, in collaboration with JSW and MG Motor India.

Customers may rent the battery under the BaaS scheme for a minimum charge that starts at Rs 2.5 per kilometre, depending on use. By renting batteries, EV owners may drastically cut their operating expenses compared to conventional internal combustion engine (ICE) vehicles—up to 40%.

The Battery-as-a-Service (BaaS) business model considerably lowers the initial acquisition cost of an electric vehicle (EV) by allowing consumers to pay only for the vehicle (without the battery), in contrast to standard ICE cars that have continuous gasoline expenditures. This concept reduces driving costs and streamlines and lowers the cost of EV ownership. 

Vidyut will give clients the choice to either continue with the battery rental program or buy the battery altogether when the car's finance term (without the battery) has ended, which could be anywhere from three to five years, depending on the type of the vehicle. Furthermore, car owners can pay the battery's residual value to withdraw from the program whenever they like.

Commercial EV ownership is made easy, inexpensive, and risk-free with Vidyut. The business asserts that it has made EVs more accessible to a larger market by providing reasonable financing through its unique battery subscription financing model, which is made possible by its proprietary asset-underwriting algorithms and battery health data analysis. 

Through end-to-end solutions, it seeks to help consumers during their full EV ownership experience.