Rupyy expands into personal loans to diversify beyond auto financing


CarDekho Group’s fintech division, Rupyy, is venturing into personal lending, broadening its revenue streams beyond vehicle loans. Initiating pilots in November of the previous year, Rupyy aims to cater to a wider audience by offering small personal loans under INR 40,000. Namit Jain, Co-Founder and CEO, revealed ambitions to expand the user base to 40-50 million. Post-pilot, the strategy includes offering larger personal loans starting from INR 2 lakh, facilitated through collaborations with leading banks like HDFC, ICICI, Axis Bank, Kotak Mahindra, and YES Bank, in addition to Rupyy’s own NBFC.

Launched in 2022, Rupyy’s journey began with providing personal loans and vehicle financing, quickly establishing a network across India with partnerships covering 90% of the country’s pin codes. Currently boasting a strong foothold in over 1,500 locales, including major cities, the platform commands a 15% market share in the used vehicle loan sector. This expansion is part of CarDekho Group’s broader vision to become a comprehensive financing platform, moving beyond its original car financing roots.

The Group’s operating revenue saw a significant increase to INR 2,331 Cr in FY23 from INR 1,600 Cr the year prior, driven in part by Rupyy‘s performance, alongside its insurance division InsuranceDekho and its operations in Southeast Asia. This move into personal lending aligns with the burgeoning digital consumer lending market in India, anticipated to reach $720 Bn by 2030, fueled by a growing digital payment user base projected to outstrip that of the US, the UK, and Germany.

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