Bengaluru-based electric mobility startup Vidyut has launched an offline platform for the sale and financing of pre-owned electric vehicles (EVs). Initially available in Delhi-NCR, Hyderabad, and Bengaluru, the service aims to expand to six additional markets, including Mumbai, Chennai, Pune, Lucknow, Agra, and Kanpur, by the end of this fiscal year.
Vidyut has announced plans to roll out an online marketplace for pre-owned EVs within the next six months. This dual approach of offline and online platforms will help streamline the buying and selling process for EV owners.
The newly launched platform will manage the entire process for EV owners, from vehicle inspection and valuation to sale and RTO documentation. Currently, the platform focuses on the resale of electric commercial three-wheelers from brands such as Mahindra, Piaggio, Euler Motors, Greaves, and Altigreen.
Xitij Kothi, Co-Founder of Vidyut, emphasized the significance of a robust resale market in accelerating EV adoption. “The absence of a robust resale market is one of the biggest roadblocks in the acceleration of EV adoption. With the launch of our EV resale platform, we will focus on accurate and transparent vehicle and battery valuation. Coupled with our battery subscription model and EV financing services, this approach mitigates the risk of remaining battery life, uncertain resale value, and EV loans, thereby accelerating EV adoption,” Kothi stated.
Vidyut, which began in November 2021 as a commercial EV financing platform, has been addressing the major hurdles in EV adoption, including the lack of accessibility to a resale market and price discovery of pre-owned EVs. Over the past two years, the company has built capabilities to inspect, value, sell, and finance pre-owned EVs through its demand generation platform for used EVs.
Vidyut’s new offline and upcoming online platforms aim to streamline the resale and financing process for pre-owned EVs, enhancing transparency and reliability in vehicle and battery valuation. This initiative is set to boost EV adoption by addressing the critical issues of resale market accessibility and price discovery.
The launch underscores Vidyut’s commitment to advancing the EV ecosystem in India, paving the way for a more sustainable and economically viable future in electric mobility.
