Bengaluru-based electric mobility startup Vidyut has introduced an offline platform dedicated to the sale and financing of pre-owned electric vehicles (EVs) in India. This initiative aims to meet the increasing demand for a robust resale market for EVs, starting with major cities like Delhi-NCR, Hyderabad, and Bengaluru. Vidyut plans to expand its services to six additional cities, including Mumbai, Chennai, Pune, Lucknow, Agra, and Kanpur, by the end of the fiscal year.
Addressing the Need for a Resale Market
Vidyut, originally focused on commercial EV financing since November 2021, is expanding its offerings to include pre-owned EV sales and financing. According to Xitij Kothi, Co-Founder of Vidyut, the lack of a strong resale market poses a significant hurdle to wider EV adoption in India. The platform aims to alleviate concerns about battery life, uncertain resale values, and EV loan accessibility through accurate vehicle and battery valuation and a unique battery subscription model.
How Vidyut’s Platform Operates
Vidyut’s platform manages the entire process of vehicle inspection, valuation, sale, and registration documentation for owners. Currently, the platform facilitates the resale of electric commercial three-wheelers from brands such as Mahindra, Piaggio, Euler Motors, Greaves, and Altigreen. Vidyut claims its resale platform can achieve 3-4 times better resale prices compared to traditional second-hand dealers. Additionally, the company plans to launch an online marketplace within the next six months to reach a broader audience.
Expansion Plans and OEM Partnerships
Beyond its current offerings, Vidyut is in discussions with leading original equipment manufacturers (OEMs) to extend its pre-owned EV services to include passenger electric vehicles and two-wheelers. The company’s strategic vision includes building a comprehensive ecosystem around the residual value of batteries and EVs, crucial for sustainable growth in India’s EV market.
Managing Residual Value Concerns
Kothi emphasizes that managing residual value concerns for commercial vehicles is feasible with their data tracking capabilities on battery usage and health. This data-driven approach enables Vidyut to calculate residual values more accurately, thereby boosting confidence among EV buyers and sellers.
Vidyut’s launch of an offline pre-owned EV sales and financing platform marks a significant step towards enhancing the accessibility and affordability of electric vehicles in India. With plans for further expansion and partnerships with OEMs, Vidyut aims to strengthen the EV resale market and contribute to the sustainable growth of e-mobility across the country.
