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CarDekho launches specialized fintech platform, Rupyy

CarDekho launches specialized fintech platform, Rupyy
Rupyy

CarDekho, auto-tech startup, has launched Rupyy, a specialized fintech platform, Which offers a whole new world of financing options to automobile customers and retailers.

The company said that Rupyy will enable customers to apply and get an instant approval for all their auto financing needs. The startup business will be transformed and merged under this new brand Rupyy.

The company also said that it is an end-to-end digital platform completely designed to be easy and convenient while ensuring a quick turnaround time of just a few minutes.

About how it works, the company says that It is a digital QR-code-based onboarding journey at Car Dealers or Finance Distributors. Consumers can avail self-help journey through this QR-code including video-KYC, e-NACH, and e-contract, and get their loan sanctioned at Point of Sale within minutes.

The startup said consumers can also avail the visit on the website ruppy.com. Behind the screen, Rupyy has a proprietary multi-core loan origination system that is deeply integrated with all the participating banks and NBFCs in the auto loan ecosystem.

“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 and physical processes. These processes not only inconvenience customers but also impact the working capital cycle of auto retailers”, said, Namit Jain, Co-Founder and CEO, of Rupyy.

“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”, he added.

According to a report, the used car finance industry made a strong comeback in FY22. The total credit disbursed by organized financiers was over Rs 29,000 crore, registering a Y-O-Y growth of +60%. The penetration of used car finance in India is also low at 18% as compared to 75% of new cars. The company expects the industry to reach $10 billion by FY27 at an annual rate of 20%.

“I am thrilled about the launch of Rupyy. It will help take us a giant leap in our aspirations to become India’s preferred and largest go-to place for all financing requirements of automobile consumers and retailers”, said, Amit Jain, Co-Founder & CEO, GirnarSoft. The company said it achieved a monthly run-rate of Rs 400 crore in used car finance disbursements in March 2022 and exited FY22 at an annual run rate of Rs 5,000 crore loan disbursement. It has expanded its distribution to 1,750+ channel partners in 80+ hubs across the country.

About CarDekho

CarDekho is India’s biggest digital automotive solutions provider that supports the car buyers at all stages of their personal mobility journey. It achieved Unicorn status in 2021. Established in 2008 by two brothers Amit and Anurag Jain in Jaipur, CarDekho is one of India’s most sought-after platforms in the auto sector. It has become the bridge between car buyers and all auto stakeholders including OEMs, dealers, and sellers in the country.

It also collaborates with financial institutions and general insurance companies to facilitate used car finance and insurance, thereby providing a seamless experience to buyers and sellers. Being one-stop destination for used car customers across locations, the company also has first-of-its-kind CarDekho Mall in Jaipur, which is among the largest used car showrooms in India. The Group’s auto business is expanding internationally and is currently present in two Southeast Asian countries – Indonesia (oto.com) and the Philippines (carmudi.com.ph).

With a diversified portfolio of offerings, CarDekho has diligently expanded in more than 30 countries globally through its auto and non-auto solutions businesses – Reaching more people, serving more customers, helping its users make better and informed decisions. Led by Decisiveness, empowered with Empathy, Integrating Lean technology, fueling Innovation, being Trustworthy, and providing excellent customer service makes us a ‘DELITE’-filled, diverse and inclusive workplace where each member is committed to build a seamless and tech-first ecosystem for our B2B and B2C stakeholders.

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