Vidyut, a Bengaluru-based startup founded in November 2021, has launched an in-house platform for the sale and financing of used electric vehicles (EVs). This new service aims to make EV ownership more convenient and stress-free by managing the complete process from vehicle inspection and valuation to sale and RTO documentation.
Vidyut initially began as a commercial EV financing platform with a unique model that allowed customers to purchase an EV while paying for the battery on a per-kilometer basis, significantly reducing the cost of 3-wheeler EVs by 60-65% compared to internal combustion engine (ICE) vehicles.
The platform currently supports the resale of 3-wheeler commercial EVs for brands like Mahindra, Piaggio, Euler Motors, Greaves, Murugappa Group's Montra Electric, and Altigreen. Initially available in Delhi-NCR, Bangalore, and Hyderabad, Vidyut plans to extend this service to six additional cities, including Mumbai, Chennai, Pune, Lucknow, Agra, and Kanpur, by the fiscal year 2025. An online marketplace is also in the pipeline, expected to launch within the next six months, to expand reach.
One of the major challenges in EV adoption is the lack of access to a resale market and clear resale price discovery for EVs. Over the past two years, Vidyut has developed capabilities to inspect, value, sell, and finance pre-owned EVs through its own demand generation platform for used EVs. This endeavor aims to build a comprehensive EV ecosystem.
"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 bring trust and transparency in the pre-owned EV market by focusing on accurate and transparent vehicle and battery valuation. Vidyut’s resale platform already leads to 3-4X better resale price realization compared to traditional second-hand dealers in the market for used EVs. Coupled with Vidyut’s 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, Vidyut.
In February, Vidyut raised USD 10 million in its Series A funding round, led by 3one4 Capital. The round also saw participation from both new and existing investors, including Saison Capital, Zephyr Peacock, Force Ventures, venture debt fund Alteria Capital, and Udaan's co-founder Sujeet Kumar. This funding will enable Vidyut to enhance EV ownership for small and medium-sized businesses (SMBs) and support India's transition to clean energy.
Vidyut's new initiative addresses the concern of residual value in EVs, making them more affordable and worry-free. By offering a structured resale platform, Vidyut aims to build a trusted marketplace that significantly boosts the resale value for EV owners. This, combined with the company's unique battery subscription model and financing options, aims to accelerate the adoption of electric vehicles across India.
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