Kunal Shah-Led CRED Launches Vehicle Management Platform CRED garage

Fintech unicorn Cred has now introduced vehicle management for members with the launch of the CRED garage.

Users can register their vehicles with CRED garage by adding the vehicle’s number. garage offers a single dashboard which includes priority access to concierge service, reminders, document management and insights on spending.

The platform also features a DigiLocker integration, enabling users to access documents like driver’s licences, registration certificates and insurance papers. garage will also feature a dedicated 24×7 concierge to help them with maintenance, servicing and claims queries. The concierge will also help them get roadside assistance in case of a breakdown, whether in the city or on a road trip across the country. 

CRED garage will offer data on vehicles, enabling members to tune their vehicle usage based on insights on maintenance records, performance insights and fuel spending.

The fintech unicorn has also tied in a few financial products within its new platform. Users can recharge their FASTag directly on CRED garage, and it will also offer garage users the option to buy motor insurance.

Akshay Aedula, head of product at CRED, said on the launch, “Whether a first-time owner or a motorhead, anyone who owns cars knows that the delight of driving gets overtaken by the anxiety of managing and maintaining. CRED garage is our solution to this challenge. CRED members can experience the pleasure of driving and the joy of car ownership on a single platform customised for them.”

garage is the latest addition to the fintech unicorn’s growing list of products and services. Over the past few months, CRED has launched four new products – the luxury travel platform CRED escapes, the BNPL product CRED Flash, a tap-to-pay offering for retail payments and Scan & Pay for UPI payments.

The fintech unicorn, led by Kunal Shah, has been looking to deepen its roots in the lending space but was rebuffed earlier this year after the Reserve Bank of India (RBI) blocked its attempt to increase its stake in the non-banking financial company (NBFC) Newtap Finance.

Even so, CRED has bolstered its lending vertical by acquiring lending SaaS startup CreditVidya in November 2022, which operates Prefr, a digital lending platform that has developed underwriting and risk assessment models crucial for a lending product. 

The fintech unicorn also picked up the Y Combinator-backed micro-savings platform Spenny, in line with its ambition to strengthen its fintech portfolio, especially in the lending segment.