Mutual Funds Commodities Research Tax Planning IPO Our Team Contact Us    
Google
Web www.equitybulls.com
Industry News

| More

CarDekho becomes first auto fintech platform to process 100 cr of monthly used car loans

Posted On: 2020-01-09 14:29:07

CarDekho.com, India's leading full-stack auto-tech company, has reached a major milestone of Rs 100 cr monthly run rate of used car loans. The company's unique used car loans vertical has facilitated a cumulative volume of around Rs 1,500 crores until December 2019. With this development, the company has become the largest auto fintech platform in India.

By partnering with 10 plus top auto financiers in India and NBFCs the company offers the largest range of loan options for used car buys on one platform. CarDekho has successfully run a digital-first marketplace model which has a unique tech-led approach to drive consumer experience. India has one of the largest used car markets in the world, but loan penetration in used cars is very low in the country; about 15% compared to 70%+ for new cars. CarDekho's used car loan platform has unique tech innovations as well as deep integrations with finance partners and 3rd party service providers for a smooth end-to-end experience for both consumers and used car dealers.

CarDekho's used car loan business has grown 180% in the last 12 months, closing at approx. 107 cr in Dec 2019 crossing 100cr for the first time. This growth has been led by Tier-1 markets, where the company has a significant presence. Company's used car loan business is currently present in top 10 major cities in India and has started expanding into 20 more locations, including all major tier 2/3 cities.

Talking about the development, Amit Jain, CEO & Co-founder, CarDekho.com, said, "Our used car loan business has witnessed a phenomenal growth of 180 % in 2019. Loan discovery and processing is an integral part of our used car ecosystem and hence our mission is to make used car loans as easy to avail as new car loans in India. We are also in the process of getting NBFC license which will help us to further enhance the consumer experience in used car loans through deeper partnerships with partner financiers."

Namit Jain, Business Head - Auto Loans & Dealer Funding, CarDekho.com, said, "We are indeed very excited to reach this milestone in the highly fragmented market of used car loans. Our strategy to focus on reinventing consumer experience is helping us grow rapidly. We have managed to cut down the process turnaround time for overall used car loans to as low as 48 hours today, which used to be 15 days in the industry. Soon we plan to introduce our new innovation called CarDekho InstaLoan - India's fastest used car loan. InstaLoan will completely redefine the consumer experience on used car loans by enabling instant loan payments and car delivery."

Through its digital used car loan platform, CarDekho.com has been able to strengthen the used car buyer ecosystem by enabling customers to discover and buy a trusted used car on easy EMIs.


Source: Equity Bulls

Click here to send ur comments or to feedback@equitybulls.com





Other Headlines:

ETMONEY unveils India's first and only tax saving solution

Cashfree introduces 'Instant Settlements', makes online payments as attractive as cash

TrustLine Announces Successful Closing of Intrinsic Deep Alpha AIF - Category III Offering

Bharti AXA General Insurance Receives IRDAI Nod for Health and Motor Insurance Proposals under Sandbox Project

Ather Energy invites dealers to set up experience centers across India

Restriction on import of refined palm oil will safeguard the margins of domestic palm oil refiners while also improving their capacity utilisation: ICRA

Cognizant Named a Leader in SAP Services by Independent Research Firm

Super Surfaces raises half a million USD as Angel Funding

KARVY Group initiates corporate restructuring

ICRA Analysis: Hospital sector performance on the growth path after two years of subdued performance

ICRA maintains stable year-end outlook for Construction sector

ZestMoney's 0% EMI Launched on Myntra

Ministry of Railways revises tariff of standard meals on static units

ClearTax launches feature of Nil GST Return Filing for CAs and Businesses

Almost 70% of BankBazaar Consumers have a Healthy Credit Score

MSE Financial Services Ltd has commenced online trading

JNPT bags 'Public Port of the Year (container)' at the Samudra Manthan Awards

TAFE Chairman Mallika Srinivasan appointed to the Global Board of U.S.-India Business Council

Mastercard Picks BharatPe for its Start Path Program

Adani Foundation celebrates skilling 50,000 youth

Vikram Solar Brings Solar Energy to 3 More Airports in India

Times OOH helps Godrej Interio set up Experience Zone at Mumbai Airport

Vikram Solar wins CII Award for Customer Obsession Three Years in A Row

Windrose Capital leads the $600K investment round in Nivesh.com

CarDekho closes $70 million round from leading investors in China and Europe

Bosch Power Tools inaugurates Bosch Service Center in Mumbai, India

CarDekho Group forays into Philippines, acquires Carmudi

Dun and Bradstreet launches first-of-its-kind cloud database repository on Indian businesses

GoAir attracts global delegates at Global Exhibition on Services 2019

Sluggish demand tempered cement prices; demand growth likely around 4% in FY2020: ICRA

ICAI signs MoU with Kuwait Accountants and Auditors Association (KAAA)

PAYBACK India Strengthens Travel Portfolio by Partnership with Online Travel giant Cleartrip

FlexiLoans.com emerges among the top 100 global FinTech innovators' list by KPMG and H2 Ventures

Over half the delayed housing projects in India's 9 residential markets are in MMR: PropTiger report

Cognizant Named an AI Consultancy Leader in Asia Pacific by Independent Research Firm

SIDBI plans to set up Swavalamban Connect Kendras to promote the spirit of entrepreneurship

Virgin Atlantic relaunches daily direct flights from Mumbai to London

MX Player raises $110 million from Tencent and Times Internet

OPPO to Launch Qualcomm-Powered Dual-Mode 5G Smartphone by End of 2019

Indians Accumulating Gold The Smart Way This Dhanteras With ETMONEY GoldDeposit

Mr. Ratan N Tata felicitated with the Chiratae Ventures Patrick J. McGovern Lifetime Achievement Award 2019

SIDBI acknowledges outstanding performers in the Micro and Small Enterprises sector with SIDBI India MSE Awards

Saraswat Co-operative Bank launches 'Saraswat Bank 100+ Smart Savings Account App'

Afghanistan Trade Event Drives Over $55 million in New Business

InstantPay granted Corporate Agency license by IRDA

ICAI and ICAEW renew qualification reciprocity agreement

Implementation of Uniform Banking Hours in all Public Sector Banks (PSBs) on PAN India

No more 'Single Use Plastic', says Usha International

Chennai Machine Tool Expo 2019 Brings Technologies to the Doorsteps of Tamil Nadu

Affordable homes account for over 48% unsold units in MMR: PropTiger report







Website Created & Maintained by : Chennai Scripts
West Mambalam, Chennai - 600 033,
Tamil Nadu, India

disclaimer copyright © 2005 - 2019