Rupyy, an esteemed FinTech venture under the CarDekho Group, has unveiled its expansion into the realm of electric vehicle (EV) financing. With a steadfast commitment to transforming the financing landscape across all vehicle categories, Rupyy has formed strategic partnerships with electric vehicle original equipment manufacturers (OEMs) and multi-brand outlets (MBOs). Through these collaborations, Rupyy aims to provide customers with convenient and adaptable loan options, further promoting accessibility and fostering growth in the EV industry.
In a strategic move, Rupyy has established significant partnerships with renowned electric vehicle manufacturers and multi-brand outlets (MBOs) like Pure EV, Trinity, Blive – MBO, Tork, Jitendra EV, Hero Electric, Electric One – MBO, Hop Electric, Ampere, and Hero MotoCorp. These collaborations have been forged to address the surging demand for electric vehicle financing. By leveraging these industry alliances, Rupyy aims to provide a seamless and streamlined loan experience, catering to a diverse range of consumers within the EV market.
Acknowledging the varying requirements of customers, Rupyy provides electric vehicle (EV) loans with flexible repayment options spanning from 12 to 48 months. Understanding the significance of affordability, Rupyy aims to introduce plans that offer lower Equated Monthly Installments (EMIs), aligning with consumer demands. This can be achieved through longer tenures or innovative tools to ensure customers can comfortably repay their loans.
In line with making EV ownership accessible, Rupyy has the capability to finance up to 100% of the on-road price for eligible customers. This comprehensive support empowers individuals to fulfill their EV aspirations, turning them into a tangible reality.
Namit Jain, Co-Founder and CEO of Rupyy, shared his insights regarding the company’s recent expansion into the electric vehicle (EV) segment. He emphasized Rupyy’s mission to provide accessible vehicle financing and enhance the consumer experience. Having made a significant impact in used car loans, entering the EV financing domain, particularly for two-wheelers, was a natural progression for the company. Jain highlighted the growing acceptance of EVs, with approximately 4% of the two-wheeler market already embracing electric alternatives. Rupyy is determined to revolutionize the financing process in this category, placing consumers at the heart of the entire experience.
Rupyy has a forward-looking perspective, acknowledging the immense potential within the electric vehicle (EV) segment over the next five years. The company sets a goal of capturing a 10% market share in this category. With the Government’s strong emphasis on EVs, as evidenced by initiatives like the Faster Adoption and Manufacturing of Electric Vehicles (FAME) program, combined with significant investments and capital expenditure announcements by original equipment manufacturers (OEMs), Rupyy is optimistic about the rapid growth of the EV market. The company envisions a future where 40-50% of two-wheelers will be electric vehicles by 2030, underlining the emerging EV trend
