CarDekho.com, a full-stack auto-tech company, said that it has reached a milestone of Rs 100 crore monthly run rate of used car loans. The company’s used car loans vertical has facilitated a cumulative volume of around Rs 1,500 crore till December 2019. With this, the company has become the largest auto fintech platform in India, said a press release. CarDekho’s used car loan business has grown 180% in the last 12 months, closing at approximately Rs 107 crore in December 2019, thereby crossing Rs 100-crore mark 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. By partnering with over 10 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 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 third-party service providers for a smooth end-to-end experience for both consumers and used car dealers.
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 licence, which will help us to further enhance the consumer experience in the used car loans through deeper partnerships with partner financiers.”
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