CRED, a leading fintech platform from Bengaluru, has launched a new feature allowing its members to sell their cars directly through the CRED app. This service is powered by partnerships with top used-car marketplaces, CARS24 and Spinny. The goal is to make car selling simple, fast, and secure for Indian users.
How the Car Selling Process Works
Members can get an instant estimate of their car’s value by answering a few questions on CRED Garage. After this, they can schedule a free doorstep inspection. Once the inspection is done and the offer is accepted, the entire resale process, including ownership transfer, is managed by CRED’s partners. Payments are processed within minutes of sale completion, offering a quick and hassle-free experience.
There’s no paperwork or extra steps involved. Member information is shared with partners only if an inspection is booked, ensuring privacy and security.
What Else Does CRED Garage Offer?
Launched in September 2023, CRED Garage is a one-stop dashboard for all vehicle-related needs. It offers:
- Concierge services for vehicle queries and maintenance
- Timely reminders for insurance, pollution checks, and servicing
- Document management with DigiLocker integration
- Insights on car spending and usage
- FASTag recharge and other essential services
Currently, CRED Garage is used by around 7 million members to manage their vehicles.
CRED’s Growing Super App Ecosystem
Since its start in 2017 as a credit card bill payments platform, CRED has expanded its offerings to include:
- UPI and utility bill payments
- Vehicle management and travel bookings
- Investment options after acquiring Kuvera
- Personal loans in partnership with L&T Finance
- Insurance products and unified account management
CRED also recently launched CRED Cash+, which lets users get loans against mutual funds, and CRED Money for tracking all bank accounts and managing recurring payments.
Financial Growth and User Base
CRED’s super app strategy is driving strong growth. In FY24, the company’s operating revenue rose 71% to ₹2,397 crore, while operating losses dropped 41% to ₹609 crore. The platform now has more than 13 million monthly users, with 7 million vehicles registered on CRED Garage.
Why This Matters for Indian Car Owners
Selling a car in India has often been a lengthy and paperwork-heavy process. With CRED’s new feature, members can now enjoy a transparent, fast, and secure way to sell their cars from their smartphones. The partnership with CARS24 and Spinny ensures competitive offers and a smooth experience.