Vidyut, a Bengaluru based full-stack EV ecosystem startup has launched its in-house used EV sale and financing platform, to make EV ownership more convenient. Under the new offering, Vidyut will manage the end-to-end process from vehicle inspection and valuation to sale and RTO documentation for the owners.
Vidyut started in November 2021 as a commercial EV financing platform with a first of a kind financing model where customers can buy an EV while getting the battery on a pay per km. This reduces the overall cost of 3W EVs by 60-65%, making them cheaper than ICE vehicles from day one. With the introduction of a used EV sale and financing option, Vidyut further eases ownership by removing residual value concerns, making EVs both affordable and stress-free.
Currently, the platform supports resale of 3 wheeler commercial EVs for Mahindra, Piaggio, Euler Motors, Greaves, Murugappa Group's Montra Electric, and Altigreen. The new services are available in Delhi-NCR, Bangalore, and Hyderabad with plans to expand the service to 6 new cities by FY '25, namely Mumbai, Chennai, Pune, Lucknow, Agra and Kanpur. The company also plans to launch an online marketplace in the next 6 months to reach a wider audience.
"The 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 realisation 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 $10 million in its Series A fundraise, led by 3one4 Capital. The round also witnessed participation from new and existing investors namely, Saison Capital, Zephyr Peacock, Force Ventures, the venture debt fund Alteria Capital, and Udaan's co-founder Sujeet Kumar. New funding round enabled Vidyut to advance its vision of enhancing EV ownership for SMBs and supporting India's clean energy transition.