Vidyut Launches New Platform for Used EV Sales and Financing

Key Highlights:

• Vidyut launched a platform for easy sale and financing of used EVs.
• Currently available in Delhi-NCR, Bangalore, and Hyderabad, expanding to six more cities by 2025.
• Vidyut offers accurate vehicle valuations and better resale prices for EVs.

Vidyut (VT) has introduced a new platform for the selling and financing of used EVs, making EV ownership more convenient and worry-free for clients. Vidyut currently enables the resale of three-wheeler commercial EVs from brands including Mahindra, Piaggio, Euler Motors, Greaves, Murugappa Group's Montra Electric, and Altigreen.

The new services are currently accessible in Delhi-NCR, Bangalore, and Hyderabad. By the conclusion of fiscal year 2025, the company intends to grow to six additional cities, including Mumbai and Chennai.

The company acknowledges that one of the most significant barriers to mainstream EV adoption is the lack of an accessible resale market and clear resale price discovery. 

Vidyut's demand-generating technology has enabled it to inspect, assess, sell, and finance pre-owned EVs during the last two years. This new product represents a huge step forward in Vidyut's efforts to create a full EV ecosystem.

Company's Vision

"The lack of a robust resale market is a major roadblock in accelerating EV adoption," says Xitij Kothi, Co-Founder of Vidyut. 

'With our new EV resale platform, we hope to increase trust and openness in the pre-owned EV market by emphasizing accurate and transparent vehicle and battery valuation. Vidyut's resale platform already achieves 3-4 times higher resale price realisation than typical second-hand merchants. Combined with our battery subscription model and EV financing services, this solution reduces risks associated with remaining battery life and unknown resale value, boosting EV adoption," he added.

Future Plans

As Vidyut grows, it intends to develop an online marketplace over the next six months to reach a larger audience.

Also Read: Electric Three-wheeler Sales Report June 2024: YC Electric Emerges as Top Choice

CMV360 Says

Vidyut's new platform marks a promising step in addressing a key challenge in the EV market: the need for a dependable resale market.

With transparent and accurate vehicle valuations, Vidyut enhances customer trust and makes owning an EV more straightforward. As Vidyut expands its services, it has the potential to greatly boost EV adoption across India.