Now, Users Can Sell Their Cars On CRED

Kunal Shah-led Cred has partnered with used-car marketplaces CARS24 and Spinny to enable users sell their cars on its platform.

The Tiger Global-baked startup through its vehicle management platform CRED Garage will now allow members to get instant valuations, book free doorstep inspections and receive payments within minutes of sale completion of the vehicle. 

As per CRED, users upon answering a few questions on CRED Garage will receive an estimated value of the car. They can further schedule a free inspection. 

“There’s no paperwork or extra steps required – once the car is inspected and the offer is accepted, the partner handles the entire resale process, including ownership transfer,” the company said. 

CRED claims that to maintain privacy, information of its members will only be shared with the partners if a car inspection is booked. 

In September 2023, CRED launched vehicle management platform CRED Garage to offer a single dashboard which includes priority access to concierge service, reminders, document management and insights on spending.

Over the years, CRED Garage kept adding more features such as FAStags, car insurance, pollution certificates, among others.  

As per CRED, currently 7 Mn CRED Members use CRED Garage. 

CRED’s Super App Bet

Started in 2017 by Shah, CRED was initially launched as a credit card bill payments platform. However post pandemic, the Bengaluru-based startup has taken a super app path over the past few years as it broadens its fintech ambitions. 

CRED now caters to UPI payments, billing for utilities, vehicle management and travel experiences, among others. Last year, the startup acquired investech platform Kuvera to take on the likes of Zerodha, Groww and PhonePe.

Earlier this year, the startup launched CRED Cash+, a loan against mutual funds product for its customers. 

The startup had also forayed into the insurance space. Last year it also launched CRED Money to enable its users to get a unified view of all their bank account balances, reminders for recurring payments beyond credit card transactions and a tool to analyse spends.

Additionally, CRED partnered non-banking financial company (NBFC) L&T Finance to offer unsecured personal loans to customers. 

In FY24, CRED’s operating revenue jumped 71% to INR 2,397 Cr in FY24, while its operating loss declined 41% to INR 609 Cr in FY24.