Bengaluru-based electric mobility startup Vidyut announced the launch of its offline pre-owned EV sales and financing platform. Initially, these services are available in Delhi-NCR, Hyderabad, and Bengaluru, with plans to expand into six additional markets, including Mumbai, Chennai, Pune, Lucknow, Agra, and Kanpur by the end of the fiscal year.
Vidyut also plans to launch an online marketplace within the next six months.
The new service offering includes managing the entire process from vehicle inspection and valuation to sale and RTO documentation for the owners. Currently, the platform resells electric commercial three-wheelers from brands such as Mahindra, Piaggio, Euler Motors, Greaves, and Altigreen.
According to Xitij Kothi, Co-Founder of Vidyut, the absence of a robust resale market is a significant obstacle to EV adoption. By launching the EV resale platform, Vidyut aims to provide accurate and transparent vehicle and battery valuation. This initiative, combined with their battery subscription model and EV financing services, addresses concerns about remaining battery life, uncertain resale value, and EV loans, thereby accelerating EV adoption.
Vidyut, which started in November 2021 as a commercial EV financing platform, has spent the past two years building capabilities to inspect, value, sell, and finance pre-owned EVs through its demand generation platform for used EVs. One of the major hurdles in EV adoption is the lack of accessibility to the resale market and resale price discovery of EVs, a challenge Vidyut aims to overcome with its new services.