Is Buying a Used EV from Vidyut’s In-House Platform a Smart Financial Move?

Vidyut Launches Comprehensive Used EV Sale and Financing Platform

Electric vehicle financing startup Vidyut has introduced an in-house platform for the sale and financing of used EVs, simplifying vehicle ownership.

This new initiative will see Vidyut managing the entire process from vehicle inspection and valuation to sale and RTO documentation, according to a company release on July 10.

“One of the major hurdles in EV adoption is the lack of access to the resale market and price discovery of EVs. Over the past two years, we have built capabilities to inspect, value, sell, and finance pre-owned EVs through our demand generation platform for used EVs,” Vidyut stated.

The platform supports the resale of three-wheeler commercial EVs from brands such as Mahindra, Piaggio, Euler Motors, Greaves, Murugappa Group’s Montra Electric, and Altigreen.

Currently operating in Delhi-NCR, Bengaluru, and Hyderabad, Vidyut plans to expand to Mumbai, Chennai, Pune, Lucknow, Agra, and Kanpur by the end of the current financial year.

Fast-tracking the transition will make clean energy cheaper and more affordable, according to an IEA report.

The company also aims to launch an online marketplace within the next six months to reach more buyers.

“Our new platform promises three to four times better resale price realization compared to traditional second-hand dealers,” said Vidyut co-founder Xitij Kothi. “Combined with Vidyut’s battery subscription model and EV financing services, this approach addresses concerns over battery life, resale value, and EV loans, thereby accelerating EV adoption.”

In February, Vidyut raised $10 million in a Series A funding round led by 3one4 Capital, with participation from Saison Capital, Zephyr Peacock, Force Ventures, venture debt fund Alteria Capital, and Sujeet Kumar, CEO of Udaan.

Launched in November 2021, Vidyut initially focused on commercial EV financing with a model that allows customers to purchase a vehicle while using the battery on a pay-per-km basis.