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Vidyut unveils EV reselling platform, plans to develop full stack EV ecosystem
A finance-providing business for commercial electric vehicles (EVs), Vidyut has launched an offline platform for the sale and financing of second-hand EVs. The company’s list of investors includes the names of Zephyr Peacock, Saison Capital, Force Ventures, and Alteria Capital.
The company's present venture into reselling electric vehicles, however, is restricted to three-wheeler commercial vehicles from the following manufacturers: Mahindra, Piaggio, Euler Motors, Greaves, Montra Electric from the Murugappa Group, and Altigreen.
By FY25, Vidyut intends to extend its offline services to Mumbai, Chennai, Pune, Lucknow, Agra, and Kanpur in addition to its initial availability in cities like Delhi NCR, Bengaluru, and Hyderabad.
In addition, the company plans to launch an online marketplace in the following six months to make it easier to buy used commercial EVs.
The business, in a statement, explained the rationale behind the recent update, stating that the platform will help itself to develop a full-stack EV ecosystem startup. It went on to say that one of the main obstacles to EV adoption in the nation has been the lack of access to the resale market and resale price discovery of EVs.
When compared to typical second-hand dealers in the market, the startup's CEO, Xitij Kothi, claims that the resale platform aids in "3–4X better" realisation of EV resale pricing.
“One of the main obstacles to the EV adoption trend's acceleration is the lack of a strong aftermarket. By concentrating on accurate and transparent vehicle and battery assessment, we will bring confidence and transparency to the pre-owned EV market with the introduction of our EV resale platform,” according to Kothi.
The business raised $10 million in its Series A fundraising round, headed by 3one4 Capital, a few months prior to the portfolio improvement. Previously, it had stated that the money will be used to grow its company from electric car insurance, vehicle lifecycle management, and EV sales.