E-mobility startup Vidyut launches offline pre-owned EV sales and financing platform

Bangalore-based electric mobility startup Vidyut has announced the launch of its offline pre-owned electric vehicle (EV) sales and financing platform.

The platform aims to address the growing need for a robust resale market for EVs in India. 

Initially, the service will be available in Delhi-NCR, Hyderabad, and Bangalore, with plans to expand to six more cities, including Mumbai, Chennai, Pune, Lucknow, Agra, and Kanpur by the end of the fiscal year.

Why is Vidyut entering the used EV market?

Vidyut, which started as a commercial EV financing platform in November 2021, is expanding its services to include the sale and financing of used EVs to further ease EV ownership.

According to Xitij Kothi, Co-Founder of Vidyut, the absence of a robust resale market is a significant barrier to the widespread adoption of EVs.

By offering accurate and transparent vehicle and battery valuation and a unique battery subscription model, Vidyut aims to mitigate risks associated with remaining battery life, uncertain resale value, and EV loans.

How does Vidyut's platform work?

Vidyut’s platform manages the end-to-end process of vehicle inspection, valuation, sale, and RTO documentation for owners. 

Currently, the platform offers the resale of electric commercial three-wheelers from brands like Mahindra, Piaggio, Euler Motors, Greaves, and Altigreen. 

Vidyut claims its resale platform can achieve 3-4 times better resale price realization compared to traditional second-hand dealers. Additionally, the company plans to launch an online marketplace within the next six months to reach a wider audience.

Vidyut in talks with OEMs

Beyond expanding its pre-owned EV platform, Vidyut is in talks with leading original equipment manufacturers (OEMs) to extend its services to used passenger electric vehicles and two-wheelers.

The company’s long-term strategy includes building a comprehensive ecosystem around the residual value of batteries and EVs, which is crucial for the sustainable growth of the EV market in India.

Kothi highlights that residual value concerns for commercial vehicles can be managed as they track data on the usage and health of the batteries, allowing them to calculate the residual value more accurately.