Bengaluru-based electric mobility startup Vidyut announced on Thursday the launch of its offline platform for selling and financing pre-owned electric vehicles (EVs). Initially, these services will be available in Delhi-NCR, Hyderabad, and Bengaluru, with plans to expand to six more markets, including Mumbai, Chennai, Pune, Lucknow, Agra, and Kanpur by the end of this fiscal year.
The company also intends to introduce an online marketplace within the next six months.
Vidyut will manage the entire process for owners, from vehicle inspection and valuation to sale and RTO documentation.
At present, the platform specializes in reselling electric commercial three-wheelers from various brands, including Mahindra, Piaggio, Euler Motors, Greaves, and Altigreen.
“The absence of a strong resale market significantly hampers the broad adoption of EVs.” Our new EV resale platform is designed to deliver precise and transparent vehicle and battery valuation,” stated Xitij Kothi, Co-Founder of Vidyut. By integrating our battery subscription model and EV financing services, this approach alleviates concerns about battery lifespan, uncertain resale value, and EV loans, thus facilitating quicker EV adoption.”
Founded in November 2021, Vidyut started as a commercial EV financing platform. Recognizing the challenge of accessing the resale market and discovering resale prices for EVs, the company has spent the last two years developing capabilities to inspect, value, sell, and finance pre-owned EVs through its dedicated platform for used EVs.
