CarDekho has launched the Rupyy fintech platform to offer automobile customers and retailers financing options. According to the company, the CarDekho Financial Services business will be transformed and merged under this new brand. This new platform helps customers apply and get instant approval for all their auto financing requirements.

According to 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.”

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Namit Jain, co-founder and CEO of Rupyy, said, “Auto finance has traditionally been one of the most slow-moving categories for 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 inconvenience customers and 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 per cent market share in the segment over the next 3-5 years.”

In March 2022, the monthly run rate targeted by the CarDekho Financial Services business is Rs 400 crores and an annualized run rate of Rs 5000 crore for loan disbursals. Around the globe, the distribution of CarDekho Financial Services business partner channels is more than 1750 and 80 plus hubs.