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Vidyut Launches Innovative Used EV Platform, Expanding Access And Affordability
Vidyut, a Bengaluru-based startup specialising in the EV ecosystem, has introduced a platform for selling and financing used electric vehicles (EVs). This initiative aims to simplify EV ownership by handling everything from vehicle inspection to sale and RTO documentation.
Vidyut began in November 2021, focusing on commercial EV financing with a unique model where customers buy an EV and pay per kilometre for the battery. This reduces the cost of three-wheeler EVs by 60-65%, making them cheaper than internal combustion engine (ICE) vehicles from the start.
Currently, Vidyut's platform supports the resale of three-wheeler commercial EVs from brands like Mahindra, Piaggio, Euler Motors, Greaves, Montra Electric by Murugappa Group, and Altigreen. The service is available in Delhi-NCR, Bangalore, and Hyderabad.
Plans are underway to expand to six more cities by FY '25: Mumbai, Chennai, Pune, Lucknow, Agra, and Kanpur. Additionally, Vidyut plans to launch an online marketplace within six months to reach a broader audience.
Focus on Resale Market
One major barrier to EV adoption is the lack of a robust resale market and clear resale price discovery. Over the past two years, Vidyut has developed capabilities to inspect, value, sell, and finance pre-owned EVs through its own demand generation platform. This new offering marks Vidyut's journey towards building a comprehensive EV ecosystem.
"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 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 of Vidyut.
Funding and Future Plans
In February 2023, Vidyut secured $10 million in Series A funding led by 3one4 Capital. Other participants included Saison Capital, Zephyr Peacock, Force Ventures, Alteria Capital's venture debt fund, and Udaan co-founder Sujeet Kumar. This funding round supports Vidyut’s vision of enhancing EV ownership for small and medium-sized businesses (SMBs) while aiding India's transition to clean energy.
The introduction of used EV sales and financing further simplifies ownership by addressing concerns about residual value. This makes owning an electric vehicle both affordable and stress-free for customers.
By managing end-to-end processes such as vehicle inspection and valuation through sale completion and RTO documentation handling for owners, Vidyut ensures a seamless experience for its users.
Vidyut’s innovative approach includes a battery subscription model that significantly lowers initial costs. Customers can purchase an electric vehicle while paying per kilometre for battery usage.
This comprehensive service aims to remove barriers related to residual value concerns in electric vehicles. It also makes them more accessible by ensuring affordability from day one.
The company’s expansion plans include extending services beyond Delhi-NCR, Bangalore, and Hyderabad into six additional cities by FY '25: Mumbai, Chennai, Pune, Lucknow, Agra and Kanpur.
The upcoming online marketplace will enable Vidyut to reach a wider audience within six months. This will further enhance accessibility for potential buyers across different regions.
Vidyut’s efforts align with its goal of building a full-stack ecosystem that supports every aspect of electric vehicle ownership—from purchase through maintenance—to eventual resale.
This initiative not only addresses key challenges but also fosters trust among consumers regarding pre-owned electric vehicles' reliability and value retention over time.
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