Bengaluru-based electric mobility startup Vidyut announced the launch of its offline pre-owned EV sales and financing platform on Thursday. The new services are first being made available in Delhi-NCR, Hyderabad, and Bengaluru, with plans to expand to six more markets by the end of this fiscal year. These markets include Mumbai, Chennai, Pune, Lucknow, Agra, and Kanpur. The company also plans to roll out an online marketplace within the next six months.
Under this new offering, Vidyut will manage the end-to-end process of EV resale, including vehicle inspection, valuation, sale, and RTO documentation for owners. The platform currently focuses on commercial electric three-wheelers from brands such as Mahindra, Piaggio, Euler Motors, Greaves, and Altigreen.
“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 be focusing on accurate and transparent vehicle and battery valuation.
Coupled with our battery subscription model and EV financing services, this approach mitigates the risk of the remaining battery life, uncertain resale value, EV loans, thereby accelerating EV adoption,” said Xitij Kothi, Co-Founder of Vidyut.
Vidyut, which started in November 2021, originally focused on commercial EV financing. The company has spent the past two years developing capabilities to inspect, value, sell, and finance pre-owned EVs through its demand generation platform for used EVs. The lack of a robust resale market and price discovery has been a major hurdle in the adoption of EVs, and Vidyut aims to address this issue.
By providing these services, the company hopes to make EV ownership more accessible and financially viable, thereby encouraging more people to adopt electric vehicles.
