CarDekho’s Rupyy expands financing solutions to drive electric vehicle adoption, ET EnergyWorld

New Delhi: CarDekho’s fintech venture, Rupyy, has made a strategic move into the electric vehicle (EV) financing segment. The company aims to support the growth of sustainable mobility by offering flexible and accessible loans to customers interested in purchasing electric vehicles.

To establish a strong foothold in the EV financing market, Rupyy has partnered with well-known EV manufacturers including Pure EV, Trinity, Blive – MBO, Tork, Jitendra EV, Hero Electric, Electric One – MBO, Hop Electric, Ampere, and Hero MotoCorp. These partnerships allow Rupyy to provide a seamless loan experience to a wide range of consumers.

Rupyy understands the varying financial circumstances of customers and offers EV loans with flexible repayment options. The loan tenure typically spans from 12 to 48 months. The company also plans to introduce plans for lower Equated Monthly Installments (EMIs) to enhance affordability. These initiatives may involve longer loan tenures or other innovative tools, aligning with the demands of consumers.

Rupyy aims to empower customers by financing up to 100% of the on-road price for deserving individuals.

Namit Jain, Co-Founder & CEO of Rupyy, expressed his perspective on the company’s expansion into the EV financing category. He stated, “Venturing into the realm of EV financing, especially for two-wheelers, seems like a natural progression in our endeavors. Rupyy aims to redefine the financing process in the category, keeping consumers at the center of the whole experience.”

Recognizing the immense potential in the EV segment, Rupyy has set a target to capture 10% of the market share within the next five years. Rupyy envisions that by 2030, 40-50% of two-wheelers will be electric vehicles.

  • Published On Jul 7, 2023 at 06:42 PM IST

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