MG Motor Partners With Vidyut To Launch Pay-Per-Use Battery Service For MG Comet, Windsor & ZS EV

Vidyut (VT), a Bengaluru based full-stack EV ecosystem startup has partnered with JSW MG Motor India to launch Battery-as-a-service (BaaS) financing option for MG's electric cars- 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/km for the MG Comet as per the battery usage. The subscription fee varies for other EV models. This initiative will enable EV owners to pay for the battery on rent, helping them to reduce the running cost by 40 per cent 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, cutting driving expenses and making EV ownership more accessible and worry-free. 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.

Commenting on this partnership, Xitij Kothi, Co-Founder of 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.”

Speaking on the partnership, Gaurav Gupta, Chief Growth Officer, JSW MG Motor India, said, “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.”

Till now, Vidyut has raised a total of $14 Million 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.