CarDekho To Introduce 100 Million Dollar In Rupyy
IPO-Bound company is keeping a focus on EV Financing as part of its initial rollout plan. It is in the process of setting up pan India tie-ups with OEMs (original equipment manufacturer) in the space. It raised 250 million dollar in October last year. It took its valuation to 1.2 billion dollar making the company the 31st unicorn of 2021 in the country
The IPO-Bound car search platform CarDekho Group said it aims to introduce 100 million dollar in its Fintech entity called Rupyy keeping a mix of debt and equity, on 7 November.
During September, Rupyy crossed over Rs 500 crore of monthly disbursal volume of car loans. The brand planning to achieve Rs 10,000 crore annualised disbursals by March 2023.
The company is keeping a focus on EV Financing as part of its initial rollout plan. It is in the process of setting up pan India tie-ups with OEMs (original equipment manufacturer) in the space.
Co-Founder and CEO, Rupyy, Namit Jain said that the infusion coming from the parent company will provide a boost to the processes’ manifolds. With the company expanding in various verticals and enter new regional markets, it aims to represent 35 to 40 per cent of the segment’s market share.
CarDekho raised 250 million dollar in October last year. It took its valuation to 1.2 billion dollar making the company the 31st unicorn of 2021 in the country. In order to scale up the NBFC Business, and technology and launch new product categories, the infusion has been planned, said CarDekho.
Recently, Rupyy released the largest QR code-based loan platform in India. It is made available to more than 2,200 vehicle dealerships and distributors nationwide. Also, it launched the new car loan category levelling it up to a Rs 50 crore monthly disbursals rate within few months.
Co-Founder and CEO, CarDekho Group, Amit Jain said that being on a strong path of growth, Rupyy with this infusion is ready to disrupt the entire used-car finance business of the country and take it to a whole new level.