Ecofy and Vidyut launch EV battery subscription service

Date: April 24, 2024.Ecofy, a green finance company in India, helps people and businesses switch to eco-friendly choices by financing electric vehicles and solar energy installations, has partnered with Vidyut, a platform that specializes in making electric three-wheeler ownership more affordable, and offers a subscription service for electric vehicle batteries, to introduce a subscription-based battery-as-a-service model for electric vehicles (EVs). This partnership aims to make EV adoption more affordable and stress-free by offering a pay-per-km battery leasing model and reducing the upfront cost of acquisition.

Kailash Rathi, Head of Partnerships & Co-Lending at Ecofy, emphasized the shared commitment to sustainable mobility solutions. He mentioned that Ecofy has already established significant partnerships with top OEMs in the 3W EV space and is pioneering green financing solutions to enhance green penetration in India. Furthermore, the collaboration with Vidyut’s subscription model, expects to democratize EV ownership across the country.

Xitij Kothi, co-founder of Vidyut, expressed excitement about the partnership, which aligns with Ecofy’s mission to drive a positive environmental impact. He highlighted that their subscription-based holistic ownership model would make EV ownership 30%-40% cheaper compared to traditional ICE vehicle ownership. Moreover, this would thereby make it more accessible to a broader audience, including solo entrepreneurs and small businesses.

The partnership comes at a time when India has seen a significant increase in EV adoption. Electric three-wheelers capture 65% of the market share, with passenger cars growing by 37%, accounting for 3% of the market.

This approach by Ecofy and Vidyut is set to revolutionize the electric vehicle sector and promote environmentally friendly transportation options.

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