Digitisation and AI-enabled vehicle financing platforms are rapidly changing the experience of buying cars, the constituency of buyers, and ushering in seamless and hassle-free methods, as a growing inclination toward ease and convenience of digital interactions gathers momentum in India. CarLelo, an online new car-buying platform, experienced a surge in sales of 150 new cars during the auspicious occasion of Dhanteras. In line with this, CarLelo also witnessed a 60 per cent increase in digital inquiries during the festive season. Millennials have played a substantial role in online booking, constituting 70 per cent of the total buyers from the northern region.
Gaurav Aggarwal, Founder and CEO of CarLelo, A Capri Loan has seen an increase of 4X in sales during the last two months with a growing number of young professionals embracing the ease and efficiency of online new car buying. “We are committed to adapting to the changing landscape and offering an accessible platform for all customers. We will continue to innovate, expand, and provide quality cars and services to meet the evolving needs of today’s generation,” says Aggarwal.
The platform offers a multi-brand virtual car showroom which can be visited on the website, the facility to select the desired brand and choose a model based on variant, colour, features, and mileage from a large curated catalogue of brands and models and direct connection to a relevant dealer based on his location without physically having to visit a dealership.
CarLelo saw the highest demand in the Delhi NCR region, followed by cities like Meerut, Lucknow, Kanpur, and Ambala. The company has also seen a consistent demand for brands like Maruti Suzuki, Hyundai, Tata Motors, Mahindra, Kia, MG Motors, and Toyota. Simultaneously, there was a remarkable 50 per cent increase in the demand for SUVs, signifying a preference for spacious and versatile vehicles.
Others like Finayo, India’s first AI-enabled SaaS technology green mobility ecosystem are providing lending technology solutions for the growing electric vehicle business. The company is aiming to digitize the entire lending process with the help of modern technologies such as AI, machine learning, blockchain, and IoT to provide real-time loans to both retailers and original equipment manufacturers. The EV financing startup plans to allocate INR 100 crore in lending fund with the aid of strategic lending partners — Mufin Green Finance, Choice Finserve, and others. The EV lending company has already disbursed Rs. 20 crore and is aiming to supercharge the EV market penetration in the country.
Finayo will use this INR 100 crore disbursement to focus on augmenting the acceleration of the EV industry. As per the plan, it will disburse 60-70 per cent of funds in the advancement of three-wheeler and L5 EVs while 30-40 per cent disbursements will be made in bolstering the 2W EV market showcasing its relentless devotion to building an eco-friendly mobility network. “Delivering loans comes with a unique set of challenges, with seamless EV asset management emerging at the forefront of this ladder,” admits Brajendra Singh Tomar, Co-founder & CEO of Finayo as the majority of EV lending platforms are not always equipped with robust R&D teams.
The climate-focused clean mobility startup will reduce 513.4 to 1891.7 tonnes of carbon emissions annually by financing 4-5K 3W EVs. Simultaneously, Finayo plans to fund 2-3K 2W EVs which will reduce carbon emissions by 13-19.5 million tonnes annually, increasing the livelihood of 6 to 8K families. With the aid of allocated lending funds, Finayo will also invest in fostering micro-entrepreneurs, resulting in increased income generation and improved livelihood of the underserved segment of the country.
With the growing trends and demand for used cars in 2023, Spinny, India’s full-stack used car marketplace, has reported substantial growth in its used car sales for the third quarter of 2023. According to the quarter report, the company witnessed 63 per cent of first-time car buyers across India from August 2023 to October 2023 compared to 57 per cent in Q2 2023. Starting the festive season with excitement, Spinny delivered over 600 cars on the first day of Navaratri. The company saw significant growth, by selling over 2300 cars during the 9-day festive period.
With easy financing options, rapid digitalization, an increased need for personal mobility, lesser cost of ownership, etc. acting as growth drivers, Spinny’s customer base has risen to over 2 lakhs, with over 57 operational car hubs, including the Spinny Max category and Spinny Park experiential spaces across the country with a total assortment of 20,000+ cars. While hatchbacks remained the most preferred option for Spinny buyers, there’s a growing demand for compact and luxury SUVs. Says Niraj Singh, Founder & CEO. The company saw a consistent demand for luxury brands like Jeep, BMW, and Mercedes-Benz, with the BMW X1 Series, and Mercedes-Benz C-Class being the most popular models.