CarDekho to pump $100 mn in its fintech arm

NEW DELHI: 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. As we expand in 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 is planned to scale up the NBFC Business, and tech and launch new product categories, said CarDekho which raised $250 mn in October 2021, taking its valuation to $1.2 bn.