E-mobility startup Vidyut and virtual reality startup AutoVRse raised early-stage funding, the companies said on Tuesday.
Vidyut
Vidyut has raised $10 million (Rs 83 crore) in a Series A funding round led by 3one4 Capital. The round also witnessed participation from new and existing investors--Saison Capital, Zephyr Peacock, Force Ventures, venture debt fund Alteria Capital and Udaan Chief Executive Officer Sujeet Kumar.
The Series A round is a mix of equity and debt funding. The startup, however, did not disclose the equity and debt split.
The Bengaluru-based startup will use the funds to scale its new offerings, including EV insurance, lifecycle management and EV resale, along with expanding its presence to 40 Indian cities. It also plans to double its team size by the end of FY25.
Founded in 2021, Vidyut provides financing solutions for commercial electric vehicles. Its asset underwriting algorithms and its battery subscription model help it to provide affordable financing.
The company already offers ownership solutions for Mahindra, Piaggio, Altigreen, Murugappa Group’s Montra Electric, Euler Motors and OSM vehicles.
AutoVRse
AutoVRse has raised $2 million (Rs 16.6 crore) in a funding round led by gaming-focused venture capital fund Lumikai. The round also saw participation from Rajat Monga, the co-founder of TensorFlow and Inference.io, and former Yahoo executive Viswanathan Krishnamurthi.
The funds will be used to expand the team size as well as its geographical presence, targeted towards the US. The company also plans to set up a B2B sales team in the US to drive qualified lead generation and facilitate market expansion.
AutoVRse is a homegrown virtual reality/augmented reality-focused startup that provides enterprise-level virtual reality training and gaming solutions. In terms of client portfolio, the startup has worked with companies, including Shell, Godrej, Bosch, Tata Motors, Ultratech Cements and Aditya Birla Group.