Cardekho launches its new fintech platform Rupyy.

Auto-tech company CarDekho has launched Rupyy, a fintech platform specializing in providing financing options to automotive customers and businesses/retailers. CarDekho Financial Services will be transformed and merged under this new brand, the company stated. Rupyy will allow customers to apply for all of their car finance needs and receive instant approval.

According to CarDekho, “Rupyy is an end-to-end digital platform designed to make the entire loan easy and convenient. The experience includes a QR code-based digital onboarding journey at car dealerships/finance providers. Consumers can apply on a self-help journey through this QR code with Video-KYC, e-NACH, and e-Agreement to get their loan sanctioned at the point of sale in minutes. Consumers can also enjoy the journey on rupyy.com. In the Backend, Rupyy has a proprietary multi-lender loan origination system that is deeply integrated with all partner banks and NBFC within the auto loan system.

Namit Jain, Co-Founder, and CEO of Rupyy, said, “Auto finance has traditionally been one of the slowest moving categories in customer experience. On average, the loan processing time is over 4-5 days due to several time-consuming and physical processes. These processes not only put pressure on customers but also impact the working capital cycle of auto retailers. Rupyy consolidates our past learnings to deliver a modern end-to-end digital experience, from lead generation to loan disbursement to the title transfer. In the future, we intend to add more categories and help create financial products that offer a new way of owning a car in India. Our objective is to reach a market share of 35 to 40% in this segment in the next 3 to 5 years.

The used car finance industry made a strong comeback in FY22. Total loans disbursed by organized financiers exceeded ₹29,000 crores, representing a 60% year-on-year growth annually. India's penetration in used car finance is also low at 18% compared to 75% for new cars. CarDekho estimates the industry to grow at an annual rate of 20% and hit the $10 billion mark by FY27, according to the press release.

The financial services business CarDekho reached a monthly execution rate of 400 crores in used car finance disbursements in March 2022 and ended FY22 with an annualized execution rate of 5,000 crore in disbursements of loans. The CarDekho Financial Services division has expanded its distribution to over 1,750 distributors in over 80 hubs across the country.