Vidyut Expands Into Used-E3W Sales & Financing

Abhijeet Singh
11 Jul 2024
02:41 PM
1 Min Read

This new offering will handle the entire process, from vehicle inspection and valuation to sale and registration documentation.

Vidyut Expands Into Used-E3W Sales & Financing mobility outlook

Vidyut (VT) has launched a new platform for the sale and financing of used EVs to enable EV ownership more convenient and worry-free for customers. Currently, Vidyut supports the resale of three-wheeler commercial EVs for brands like Mahindra, Piaggio, Euler Motors, Greaves, Murugappa Group's Montra Electric, and Altigreen. The new services are available in Delhi-NCR, Bangalore, and Hyderabad. There are plans to expand to six additional cities, including Mumbai and Chennai, by the end of the financial year 2025.

The company understands that one of the major obstacles to widespread EV adoption is the lack of an accessible resale market and clear resale price discovery. Over the past two years, Vidyut has developed the capabilities to inspect, value, sell, and finance pre-owned EVs through its own demand generation platform. This new offering marks a significant step in Vidyut's journey to build a comprehensive EV ecosystem.

'The absence of a robust resale market is a major roadblock in accelerating EV adoption,' states Xitij Kothi, Co-Founder of Vidyut. 'With our new EV resale platform, we aim to bring trust and transparency to the pre-owned EV market by focusing on accurate and transparent vehicle and battery valuation. Vidyut’s resale platform already results in 3-4 times better resale price realisation compared to traditional second-hand dealers. Combined with our battery subscription model and EV financing services, this approach mitigates risks related to remaining battery life and uncertain resale value, thereby accelerating EV adoption.'

As Vidyut continues to grow, it plans to launch an online marketplace in the next six months to reach a wider audience.

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