New Delhi July 10, 2023: Rupyy, a leading FinTech venture from the house of CarDekho Group, announced its foray into the electric vehicle (EV) financing segment. Building on its mission to revolutionize the financing experience for all vehicle financing categories, Rupyy has partnered with original equipment manufacturers (OEMs) and multi-brand outlets (MBOs) in the EV industry to offer flexible and accessible loans to customers.
The brand has done key strategic tie-ups with prominent EV manufacturers and MBOs such as Pure EV, Trinity, Blive - MBO, Tork, Jitendra EV, Hero Electric, Electric One - MBO, Hop Electric, Ampere, Hero MotoCorp, to cater to the growing demand for EV financing. With such industry collaborations, Rupyy can enable a seamless loan experience for a wide segment of consumers.
The tenure of EV loans generally spans from 12 to 48 months. Rupyy understands the diverse needs of customers and offers EV loans coupled with flexible repayment options to suit individual financial circumstances. Recognizing the importance of affordability, Rupyy plans to introduce plans for lower Equated Monthly Installments (EMIs) by leveraging longer tenures or other innovative tools, aligning with consumer demands.
Rupyy can finance up to 100% of the on-road price for deserving customers, providing the necessary support to make their EV dreams a reality.
Namit Jain, Co-Founder & CEO, Rupyy shared his perspective on the company's recent foray into the electric vehicle (EV) category. He stated, "We have been on a mission to make vehicle financing accessible to every single Indian and simplifying the consumer experience like never before. Post our revolutionary impact in used car loans, venturing into the realm of EV financing especially for two wheelers seems like a natural progression in our endeavors. The widespread acceptance of EVs is already underway, with approximately 4% of the two-wheeler market already embracing electric alternatives. Rupyy aims to redefine the financing process in the category keeping consumers at the center of the whole experience”.
Looking ahead, Rupyy recognizes the tremendous opportunity in the EV segment over the next five years and aims to capture 10% of the market share in the category. With increasing Government focus on EVs through policies such as the Faster Adoption and Manufacturing of Electric Vehicles (FAME) initiative, coupled with substantial investments and capex announcements by OEMs, Rupyy is confident in the growth of the emerging EV theme with 40-50% of two-wheelers being an EV by 2030.
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