Electric vehicles (EVs) are getting better gradually in India. Bengaluru-based startup Vidyut has emerged with an innovative offline platform to serve pre-owned EV sales and financing. The company aims to address some of the key challenges in the segment and particularly the lack of a robust resale market.
Vidyut lately announced new offline services in selective cities – Delhi-NCR, Hyderabad and Bengaluru. It has plans to expand further to six more markets by the end of the fiscal year. The new markets are Mumbai, Chennai, Pune, Lucknow, Agra and Kanpur. Moreover, the company has plans to soon come up with an online marketplace. This will further broaden reach and accessibility.
The startup is learned to manage the entire process of pre-owned EV transactions like vehicle inspection, valuation, sale and RTO documentation under the new offer. The platform currently focuses on resale of electric commercial three-wheelers of prominent brands such as Mahindra, Piaggio, Euler Motors, Greaves and Altigreen.
Vidyut co-founder Xitij Kothi emphasized importance of a reliable resale market in accelerating the EV adoption. He said that the approach includes accurate and transparent valuation of vehicles as well as the batteries. The initiatives mainly focus on reducing the associated risks with battery life, uncertain resale values and EV loans.
Vidyut was founded in November 2021 and initially was just a commercial EV financing platform. It has later started focusing on overcoming barriers in the EV adoption. The company recognized critical need for accessible resale markets and transparent pricing. It thereafter developed a platform for inspecting, valuing, selling and financing of pre-owned EVs.
The launch of its offline pre-owned EV sales as well as a financing platform marks a step forward towards making electric vehicles more accessible and affordable. It has addressed some key challenges and is offering comprehensive solutions.