Bengaluru-based electric mobility startup Vidyut announced the launch of its offline pre-owned EV sales and financing platform on Thursday. The latest offline services are now available in Delhi-NCR, Hyderabad, and Bengaluru initially, with plans to expand into six more markets, including Mumbai, Chennai, Pune, Lucknow, Agra, and Kanpur by the end of this fiscal year. Vidyut also plans to launch an online marketplace within the next six months.
Under the new offering, the company will manage the entire process from vehicle inspection and valuation to sale and RTO documentation for the owners, the Bengaluru-headquartered firm stated. Currently, the platform offers the resale of electric commercial three-wheelers from various 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 one of the biggest roadblocks in accelerating EV adoption.
Therefore, with the launch of their EV resale platform, the company aims to focus on accurate and transparent vehicle and battery valuation, along with their battery subscription model and EV financing services to mitigate the risk of the remaining battery life, uncertain resale value, and EV loans, thereby accelerating EV adoption. Vidyut was initially established in November 2021 as a commercial EV financing platform.
The company has built capabilities over the last two years to address the lack of accessibility to the resale market and to discover the resale price of EVs, through its own demand generation platform for used EVs.