Fintech firm CRED launches vehicle management platform 'CRED Garage'

Fintech firm CRED on Thursday launched CRED Garage, a vehicle management platform, which will offer its members concierge service, timely reminders, document management, and insights on spending.

The feature will be available within the CRED app.

It will offer integration with DigiLocker, which will enable users to access documents such as a driver's licence, registration certificate, and insurance papers. The app will provide data on maintenance records, performance insights, fuel spends for the vehicles added to the platform.

"Whether a first-time owner or a motorhead, anyone who owns cars knows that the delight of driving often 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," the company said in a statement.

 

The platform offers a concierge to its members to help them with queries about maintenance, servicing, and claims.

"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. If they've forgotten to recharge their FASTag right before hitting the highway, they can do it directly on CRED Garage," the company said.

Users can add their vehicle to CRED Garage by searching for 'garage' in the Explore CRED section. They can further add their vehicles by entering the vehicle number on the garage page.

In August, the company introduced RuPay credit card-based Unified Payments Interface (UPI) payments for its members, in collaboration with the National Payments Corporation of India (NPCI).

The company supports RuPay credit cards issued by banks including HDFC Bank, ICICI Bank, Yes Bank, Axis Bank, BOB Financial Solutions, Canara Bank, Indian Bank, Kotak Mahindra Bank, Punjab National Bank, and Union Bank.

CRED is valued at $6.4 billion. For FY22, the company reported a loss of Rs 1,280 crore, and revenue was near the Rs 400 crore mark. The company is yet to file its FY23 results.