New Delhi (The Hawk): On Monday, the IPO-bound vehicle search platform CarDekho Group announced its intention to invest $100 million in a combination of debt and stock into Rupyy, a Fintech company.
In September, the monthly disbursement volume for auto loans surpassed Rs 500 crore. By March 2023, the brand hopes to reach annualised disbursements of Rs 10,000 crore.
The company is currently working up pan-India tie-ups with OEMs in the area and will concentrate on EV Financing as part of its initial rollout plan.
"This financial boost from our parent firm will greatly accelerate the processes. Our goal is to hold between 35 and 40 percent of the segment's market share as we continue to grow in various verticals and enter new regional markets "Rupyy's co-founder and CEO, Namit Jain, stated.
According to CarDekho, which received $250 million in October of last year, bringing its valuation to $1.2 billion and making it the country's third unicorn of 2021, the infusion has been intended to grow out the NBFC Business, technology, and create additional product categories.
The largest QR code-based loan platform in India, which is accessible to more than 2,200 car dealerships and distributors nationwide, was just announced by Rupyy.
The company also introduced a new category of car loans, which it quickly grew to a monthly disbursals rate of Rs 50 crore.
According to Amit Jain, Co-Founder and CEO of the CarDekho Group, "Rupyy is already on a strong growth trajectory and with this infusion, it's ready to disrupt the entire used car finance market of our country and take it to a whole new level."
(Inputs from Agencies)
