CarDekho, an automotive technology company, announced Rupyy, a specialized fintech platform, which offers a whole new world of financing options to automotive customers and retailers.
Rupyy will allow customers to apply and get instant approval for all their car finance needs. The activities of CarDekho Financial Services will be transformed and merged under this new brand – Rupyy, he said in a statement.
It is an end-to-end digital platform that has been designed to make the entire lending journey super easy and convenient while ensuring a quick turnaround of just a few minutes, the statement said.
How it works
This is a QR code-based digital onboarding journey at car dealerships/financial distributors.
Consumers can benefit from a self-help journey via this QR code, including video-KYC, e-NACH and electronic agreement to get their loan sanctioned at the point of sale in just a few minutes.
Consumers can also enjoy the trip on the website, ruppy.com. Behind the screens, Rupyy has a proprietary multi-lender loan origination system that is deeply integrated with all partner banks and NBFCs in the auto loan ecosystem, the company said.
Namit Jain, Co-Founder and CEO of Rupyy, said, “Car finance has traditionally been one of the slowest categories when it comes to customer experience. On average, the turnaround time to get a loan is more than 4-5 days due to several time-consuming and physical processes. Not only do these processes inconvenience customers, they also impact the working capital cycle of automotive retailers.
“Rupyy consolidates our learnings from the past to deliver a modern end-to-end digital experience, from lead generation to loan disbursement to title transfer. In the future, we intend to add more categories as well as to co-create financial products that offer a new way of owning a car in India Our aspiration is to achieve 35-40% market share in this segment over the next 3-5 years.
The used car finance industry made a strong comeback in FY22. Total loans disbursed by organized financiers stood at over Rs. more than 60%. Used car finance penetration in India is also low at 18% compared to 75% for new cars. CarDekho estimates the industry to grow at an annualized rate of 20% to hit the $10 billion mark by FY27.
CarDekho Financial Services said it reached a monthly rate of Rs 400 crore in used car finance disbursements on March 22 and exited FY22 at an annualized rate of Rs 5,000 crore in loan disbursements. It has expanded its distribution to more than 1,750 distribution partners in more than 80 hubs nationwide, he said.
Amit Jain, co-founder and CEO of GirnarSoft, said, “I am delighted with the launch of Rupyy. This will help us take a giant leap forward in our aspirations to become India’s go-to and most important place for all automotive consumer and retailer financing needs.”
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Posted: Tuesday, April 26, 2022, 11:25 a.m. IST