Partnership Between Vidyut and JSW MG Motor India Launches Rental Battery Backups
The partnership between Vidyut and JSW MG Motor India which is based on a Bengaluru-based EV ecosystem startup is gearing up launch Battery-as-a-Service (BaaS) Financing program for passenger cars which includes different models like MG Comet EV, MG Windsor EV and MG ZS EV and all of them will be provided with a rental fee starting at INR 2.5 per kilometres and the fees will depend upon the models.
As per the Precedence Research’s detailed report, the electric vehicle battery market size accounted for USD 76.59 billion in 2024 and is predicted to be worth around USD 573.08 billion by 2033, growing at a solid CAGR of 25.1% from 2024 to 2033.
The company’s initiative is to reduce EV’s running cost by 40% which will be compared to traditional internal combustion engine (ICE) vehicles. The recent joint adventure between SAIC Motor and JSW Group, a part of JSW MG Motor India and Vidyut, established in 2021 which is going to provide battery subscription financing for EV ownership has a sustaining goal towards automotive ecosystem. In addition, MG EV customers were assured 60% buyback which is program of 3 years-maintained package offered by the company. By upgrading innovative programs, the company is confident to attract buyers who are enthusiastic about EV lifestyle. JSW MG Motor India had sold 9,078 electric cars in India in 2023 perceiving growth of 165.3 %.
Indian Electric Battery Scheme and Incentives
| Total Approximate Incentives | Approximate Size of Battery |
| Two wheelers:
Rs 15000/- per kWh up to 40% of the cost of Vehicles |
Two wheelers:
2 kWh |
| Three wheelers:
Rs 10000/- per kWh |
Three wheelers:
5 kWh |
| Four wheelers:
Rs 10000/- per kWh |
Four wheelers:
15 kWh |
| E Buses:
Rs 20000/- per kWh |
E Buses:
250 kWh |
Under the initiative of BaaS program, Vidyut expended its sale and finance of purchased electric vehicles and to achieve those numbers, they specially targeted the resale of 3-wheeler commercial EVs in different states like Delhi NCR, Bengaluru and Hyderabad. The most significant factor of the company is that it operates in 30+ cities all over India and has partnered with some of the OEMs giants in automotive sectors which are Tata Motors, Mahindra and Altigreen. To perceive growth of BaaS initiative, Vidyut was able to raise $14 million funds which were led by 3one4 Capital and it also received support from various investors.
As per the statement given by Precedence Research, Asia-Pacific’s electric vehicle battery market has held a revenue share of around 40.19% in 2023, and a huge consumer base with pro-industrial government policies drives the market growth.
JSW MG Motor India had showcased EV innovations at DriEV.Bharat, an event held in New Delhi organized by automotive and EV industry partners. Major initiatives launched in the event are eHUB, MG-Jio ICP, Project REVIVE, and MH-Jio Innovative Connectivity Platform and all of these initiatives highlight the upgrading programs in the Electric Vehicle and Battery market.
With a Master of Science in Statistics and over two years of expertise in the market research industry, Rushikesh brings a wealth of knowledge to the world of electric vehicle (EV) news. His passion for the automotive sector, combined with his statistical expertise, allows him to analyze trends, consumer behavior, and emerging technologies with precision. Rushikesh’s ability to dive deep into the numbers, yet communicate them in a reader-friendly manner, makes him a key voice in the fast-evolving EV industry.
Having spent his academic and professional career immersed in data-driven analysis, Rushikesh leverages his strong statistical foundation to offer insights that are both thorough and forward-thinking. His keen interest in the automotive industry, especially electric vehicles, positions him uniquely to understand not only the current landscape but also the trajectory of the sector as governments, manufacturers, and consumers increasingly lean towards sustainable transportation.
