The offline platform for financing and sales of pre-owned electric vehicles (EVs) has been launched by Vidyut, an electric mobility startup based in Bangalore. With the platform, India hopes to meet the growing demand for a healthy EV resale market.
By the end of the fiscal year, Mumbai, Chennai, Pune, Lucknow, Agra, and Kanpur will join the first six cities where the service is available: Delhi-NCR, Hyderabad, and Bangalore. To make EV ownership even easier, Vidyut, which debuted as a commercial EV financing platform in November 2021, is now offering used EV financing and sales as part of its expanded service offering.
A major obstacle to the widespread adoption of electric vehicles (EVs) is the lack of a strong resale market, according to Vidyut Co-Founder Xitij Kothi. In order to reduce the risks associated with remaining battery life, unknown resale value, and EV loans, Vidyut offers precise and transparent car and battery valuation in addition to a novel battery subscription model.
The entire process of car inspection, appraisal, sale, and RTO paperwork is handled for owners by Vidyut's platform.
At the moment, electric commercial three-wheelers from manufacturers including Mahindra, Piaggio, Euler Motors, Greaves, and Altigreen can be bought and sold on the platform.
When compared to traditional second-hand sellers, Vidyut believes that their resale platform may achieve a resale price realization that is three to four times higher. To reach a larger audience, the company also intends to introduce an online marketplace in the upcoming six months.
