Electric vehicles are no longer a futuristic dream in India, but right now, we can find them everywhere. From two-wheelers to four-wheelers cruising on the highways, Electric vehicles have climbed up to everyone’s lives pretty fast. Recently, Mooving cofounder launched TrusTerra to fix trust and value and bring out the challenge of what happens when an EV becomes “pre-owned.”
The traditional cars had a resale value that was fairly straightforward, and EV sales are trickier than that. Buyers worry a lot about battery health, range drops, and hidden costs, and sellers, on the other hand, often feel like getting cheated out of their fair value. The pre-owned EV market lacks a lot of trust, and hence, the Mooving cofounder launched TrusTerra to regain it.
The Gurugram-based startup, TrusTerra, was launched by Tanvir Singh, who is also the cofounder of Mooving, and with him, it has Saurabh Arora, Madu Reddy, and Chanakya Agarwal as cofounders. The mission of TrusTerra is to give used EVs the credibility and trust that they deserve through the use of AI and smart valuation tools.
Solving the Trust Gap
The recent news that Mooving cofounder launched TrusTerra has shocked the internet, and it was launched to solve the trust gap in pre-owned EVs. The biggest barrier to EV adoption is what experts call the resale anxiety factor, as owners are not confident that they will get a fair value. Tanvir Singh mentioned that for India to electrify affordably, a trusted resale backbone is important.
As Mooving cofounder launched TrusTerra, he is not just fixing a resale problem but also strengthening India’s EV adoption journey. According to us, the positioning of TrusTerra is spot on, as the EV sector has been overly focused on charging infrastructure and vehicle affordability. The resale is a silent pillar, and TrusTerra has identified a sweet spot to do so with trust and honesty.
TruEV Score of TrusTerra
The TruEV Score of TrusTerra is the secret weapon, and unlike a random guess at value, this system evaluates the three most important aspects of an EV, and those are:
- Battery Health: This is the most expensive component of an EV and also the most important one.
- Range Consistency: This aspect is important as it lets us know whether the vehicle delivers on its promised kilometres.
- Remaining Useful Life: This tells us how much longer the EV can realistically serve before major costs arise.
According to us, the most compelling thing is that TruEV Score will eventually become an industry benchmark and become something like a CIBIL score standardizing creditworthiness. If it is widely adopted, then it could reshape India’s EV market and resale by putting hard data at the centre of every decision taken on resale.
TerraCash and TerraBid
In India, resale EV markets often fail because of slow transactions as well, since owners wait weeks or months before the deal closes. The newly Mooving cofounder launched TrusTerra, came up with the answer in two-fold, and they are TerraCash and TerraBid. TerraCash gives EV owners instant health reports and access to bids with promised payments within just 24 hours.
TerraBid is a dealer auction platform where only quality EVs can enter the ecosystem, and it gives dealers confidence. This platform also integrates financing, warranties, and buyback options with all tools that professionalise the resale of the EV ecosystem. The combination of instant cash and structured dealer auction makes and feel more powerful.
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Mooving Cofounder Launched TrusTerra
After Mooving cofounder launched TrusTerra, it has been operating in stealth mode for a year, and it now has plans to expand more to Bengaluru, Pune, and Hyderabad. The startup has mainly two bold targets, and the first one is to achieve 1 million pre-loved EV deals in the upcoming 3-5 years. The second goal is to get a Rs 500 crores market cap within the first two years of TrusTerra.
The numbers show ambitions after Mooving cofounder launched TrusTerra, and it also reflects the size of India’s EV market.