CarDekho launches specialized fintech platform Rupyy
- CarDekho Financial Services business will be transformed and merged under this new brand
Auto-tech company CarDekho has introduced Rupyy, a specialized fintech platform to offer financing options to automobile customers and retailers. CarDekho Financial Services business will be transformed and merged under this new brand, the company said.
Rupyy will enable customers to apply and get instant approval for all their auto financing requirements.
According to the CarDekho, “Rupyy is an end-to-end digital platform that has been designed to make the entire loan journey super easy and convenient while ensuring a quick turnaround time of just a few minutes. The experience incorporates a digital QR-code based onboarding journey at car dealers / finance distributors. Consumers can avail a self-help journey through this QR-code, including video-KYC, e-NACH and e-Agreement to get their loan sanctioned at the Point of Sale in just a few minutes. Consumers can also avail the journey on rupyy.com. Behind the screens, Rupyy has a proprietary multi-lender loan origination system that is deeply integrated with all the partner banks and NBFCs in the auto loan ecosystem.”
Namit Jain, co-founder and CEO, of Rupyy, said, “Auto finance has traditionally been one of the most slow-moving categories when it comes to customer experience. On average, the turnaround time to get a loan is upwards of 4-5 days due to several long & physical processes. These processes not only inconvenience customers but also impact the working capital cycle of auto retailers. Rupyy consolidates our learnings from the past to provide a modern end-to-end digital experience from lead generation to loan disbursal to the title transfer. In future, we intend to add more categories as well as co-create financial products that offer a new age way of owning an automobile in India. Our aspiration is to represent 35-40% market share in the segment over the next 3-5 years.”
The used car finance industry made a strong comeback in FY22. The total loans disbursed by organized financiers were upwards of ₹29,000 crores, registering a Y-O-Y growth of 60%. India's used car finance penetration is also low at 18% compared to 75% for new cars. CarDekho believes that the industry is likely to grow at an annualized rate of 20% reaching the $10bn mark by FY27, as per the press release.
CarDekho Financial Services business achieved a monthly run-rate of ₹400 crores in used car finance disbursals in March 2022 and exited FY22 at an annualized run rate of ₹5,000 crores loan disbursals. CarDekho Financial Services business has scaled up its distribution to 1,750+ channel partners across 80+ hubs all over the country.
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