Rupyy eyes market share push with used CV financing
Rupyy, the digital lending and used-car financing platform of CarDekho Group, is planning to expand its services to include financing of used commercial vehicles to boost its market share in FY25, Namit Jain, founder and chief executive, said.
“We will launch a new product line for commercial vehicle financing, in the first quarter of next financial year,” Jain said.
At present, Rupyy provides loans for buying used passenger vehicle, new cars, and electric vehicles. Jain said the used commercial vehicles market, comprising light commercial vehicles such as pick-up trucks, is twice the size of the about ₹60,000 crore used passenger car market in India.
Commercial vehicle financing will address a substantial market demand, Jain said.
Despite widespread financing options for used commercial vehicles, addressing about 90% of the transactions, the lack of technological integration and digitization compared with passenger vehicle financing offers opportunities, he added.
Rupyy intends to introduce digital solutions for the sector to simplify the loan process, aligning it with their existing technological initiatives in the used-car market.
While the processing time for used-car loans has considerably decreased compared with a decade ago, transactions for used commercial vehicles still lag, often requiring 5–6 days to finalize, Jain said.
“What we’ve seen in commercial, and used commercial vehicles is that the degree of technology adoption and digitization is very poor…[W]e would want to introduce a lot of technology intervention that we had brought for used cars and digitize this sector.”
Parent CarDekho, an autotech unicorn, posted revenues of ₹2,331 crore in FY23, marking a 46% increase over FY22. During the same period, its losses widened from ₹535 crore to ₹562 crore. But it does not include accounting gains of ₹290 crore, representing an exceptional onetime mark-tomarket gain on investments in associates. Adjusted for these gains, the reported losses stood at ₹246 crore, CarDekho said.
The company said it had maintained a strong growth trajectory due to its growth engines, including insuretech platform InsuranceDekho, and Rupyy, along with its Southeast Asia business. The firm, which holds 14–15% share of the used-car financing space, is aiming for a 20% share in FY25.
Rupyy intends to introduce digital solutions for the used commercial vehicles sector to simplify the loan process