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Through this collaboration, MLMML will offer a Battery-as-a-Service (BaaS) financing option for its range of vehicles, including the Mahindra ZEO (4W), Zor Grand, and Treo Plus (3Ws).
Vehicle owners can even choose to stop the program at any time by paying off the remaining battery cost.
Mahindra Last Mile Mobility Limited (MLMML), a subsidiary of Mahindra & Mahindra, has teamed up with Vidyut, a Bengaluru-based EV startup, to make electric vehicles (EVs) more affordable and accessible.
MLMML, India’s leading electric commercial vehicle maker with over 200,000 EVs sold, and Vidyut are introducing a new Battery-as-a-Service (BaaS) option for EV buyers.
This service applies to Mahindra’s electric models like the ZEO (4-wheeler) and the Zor Grand and Treo Plus (3-wheelers). With BaaS, customers can rent the battery for as little as Rs 2.50 per kilometre, cutting upfront costs by up to 40 percent compared to traditional petrol or diesel vehicles.
The partnership allows customers to decide whether to continue renting the battery or buy it outright after the financing period. Owners can also exit the rental programme anytime by paying the remaining battery value.
Ms Suman Mishra, Managing Director and CEO of MLMML, explained, “This partnership will undoubtedly contribute to the increased adoption of electric vehicles by enabling customers to purchase last mile EVs with a reduced initial cost.”
Vidyut’s Co-Founder, Xitij Kothi, highlighted the company’s innovative approach: “Since our founding in 2021, Vidyut has made significant strides in developing this funding mechanism for commercial applications. Now, in partnership with Mahindra Last Mile Mobility Limited, we are excited to expand the innovation to 4W & 3W cargo and 3W passenger vehicles too.”
Since its founding in 2021, Vidyut has been developing financing solutions for EVs, particularly for commercial use. Now, this collaboration aims to expand its reach, covering 4-wheel cargo, 3-wheel cargo, and passenger EVs, helping more people transition to eco-friendly transport without the heavy financial burden.
This partnership is set to redefine EV ownership, making it easier than ever for businesses and individuals to switch to electric mobility.
