CarDekho to infuse $100 mn in its fintech subsidiary Rupyy
IPO-Bound car search platform CarDekho Group on Monday said it aims to infuse $100 million in its Fintech entity called Rupyy in a mix of debt and equity.
Rupyy crossed Rs 500 crore of monthly disbursal volume of car loans in September. The brand plans to hit Rs 10,000 crore annualised disbursals by March 2023.
As part of its initial rollout plan, the company will focus on EV Financing, and is in the process of setting up pan India tie-ups with OEMs in the space.
"This infusion from our parent company will amplify the processes manifolds. As we continue to expand in different verticals and enter new regional markets, we aim to represent 35-40 per cent of the segment's market share," said Namit Jain, Co-Founder and CEO, Rupyy.
The infusion has been planned to scale up the NBFC Business, and technology and launch new product categories, said CarDekho which raised $250 million in October last year, taking its valuation to $1.2 billion and becoming the 31st unicorn of 2021 in the country.
Rupyy recently unveiled India's largest QR code-based loan platform, which is available to more than 2,200 vehicle dealerships and distributors nationwide.
The brand also launched the new car loan category and scaled it up to a Rs 50 crore monthly disbursals rate in a matter of few months.
"Rupyy is already on a strong growth trajectory and with this infusion, it's ready to disrupt the entire used car finance business of our country and take it to a whole new level," said Amit Jain, Co-Founder and CEO, CarDekho Group. - IANS
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