Mahindra Last Mile Mobility Limited (MLMML), a subsidiary of Mahindra & Mahindra Limited (M&M), has partnered with Bengaluru-based EV startup Vidyut (VT) to launch Battery-as-a-Service (BaaS) financing for MLMML’s electric vehicles. MLMML, India’s leading electric commercial vehicle manufacturer with over 2 lakh EVs sold, aims to make EV ownership more affordable and hassle-free through this collaboration.
The BaaS program covers MLMML’s EV models, including the Mahindra ZEO (4W), Zor Grand, and Treo Plus (3Ws). Customers can rent batteries for a nominal fee starting at ₹2.50 per kilometer, lowering the upfront vehicle acquisition cost by up to 40% compared to traditional ICE vehicles. This initiative aims to make EV adoption more accessible and cost-effective.
Vidyut will also give MLMML vehicle customers the choice to either buy out or continue with the battery rental program post the financing term. By paying the battery’s remaining worth, the vehicle owners can also choose to discontinue the program at any moment.
Ms. Suman Mishra, Managing Director & CEO of MLMML, said, “By introducing the Battery-as-a-Service option through Vidyut, we are demonstrating our dedication to making electric mobility more accessible to everyone. 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.”
Commenting on this partnership, Xitij Kothi, Co-Founder of Vidyut shared,” As a company, we view batteries as fuel, while others see them as assets. Our question has always been when the vehicle isn’t on the road, why should you still pay for the battery? This is why we introduced Battery-as-a-Service (BaaS) into the EV ecosystem. 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. Our goal is to make sustainable mobility not only affordable but also accessible, enabling more people to embrace EV ownership without the financial burden that often comes with it.”
, Zor Grand, and Treo Plus (3Ws), the program offers flexibility to opt out anytime.){kind=link}