The IPO-bound CarDekho Group announces a $100 million investment in its fintech platform Rupyy,. Rupyy offers financing options to automobile customers and retailers.
The debt and equity investment will be used to ramp up NBFC (non-banking financial company) business as well as the technology stack. The company also intends to introduce new product categories.
Rupyy was founded in April and is funded by CarDekho’s subsidiary Girnar Capital. In September 2022, the company’s monthly disbursement volume of car loans surpassed Rs 500 crore.
It intends to reach Rs 10,000 crore in annualised disbursements by March 2023. The company’s initial rollout strategy will centre on EV (electric vehicle) financing. It stated in a press release that it is in the process of establishing pan-India partnerships with OEMs in the space.
Rupyy also recently unveiled a loan platform based on QR codes that will provide instant disbursements via video KYC and digital agreements. The platform is available at over 2200 vehicle dealerships and distributors across the country.
CarDekho recently raised $250 million as part of its Series E fundraise at a valuation of approximately $1.2 billion, propelling it to India’s growing list of unicorn startups.
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