CarDekho, auto-tech company, has announced Rupyy, a specialized fintech platform, which offers a whole new world of financing options to automobile customers and retailers.
Rupyy will enable customers to apply and get instant approval for all their auto financing requirements. CarDekho Financial Services business will be transformed and merged under this new brand - Rupyy, it said in a statement.
It 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 statement said.
How it works
It is 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 the website, ruppy.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, the company said.
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 and 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 Rs 29,000 crores, registering a Y-O-Y growth of 60 percent+. India-used car finance penetration is also low at 18 percent compared to 75 percent for new cars. CarDekho believes that the industry is likely to grow at an annualized rate of 20 percent reaching the $10bn mark by FY27.
CarDekho Financial Services said it achieved a monthly run-rate of Rs 400 crores in used car finance disbursals in March '22 and exited FY22 at an annualized run rate of Rs 5,000 crores loan disbursals. It has scaled up its distribution to 1,750+ channel partners across 80+ hubs all over the country, it said.
Amit Jain, Co-Founder & CEO, GirnarSoft, said, “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”.
