CRED forays into vehicle management space with 'CRED Garage'
CRED's new feature 'CRED Garage' offers concierge services, parking services, document management, insights on spending and more, Kunal-Shah led unicorn said in a statement.
Fintech unicorn CRED is foraying into the vehicle management space with 'CRED Garage' starting September 28. The feature within the CRED App offers concierge services, parking services, document management, insights on spending and more, the company said.
CRED App and will be rolled out to all its members starting September 28, the firm said in a statement. Users can register their vehicles on CRED Garage by adding the vehicle’s number.
CRED has also integrated DigiLocker into its app, which means members will be able to access essential documents like driving license, vehicle registration certificates, and insurance documents whenever needed.
“Members who opt into CRED Garage will enjoy a dedicated 24*7 concierge to help them with any of their queries around 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,” the firm explained in a statement.
The Kunal Shah-led 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.
Also Read: CRED wants to be a lifestyle-first company, not just a fintech app, says founder Kunal Shah
The app also features automated reminders for critical tasks like pollution checks, emission tests, and insurance renewals, to ensure that members’ vehicles remain in excellent condition.
In the past few months, CRED has launched four new products – CRED escapes (luxury travel platform), CRED Flash (BNPL product) and tap-to-pay offering for retail payments and Scan and Pay for UPI payments.
In the financial year 2021-23, CRED recorded a net loss of Rs 1,279 crore, even though its revenue jumped by almost 340 percent to Rs 422 crore from Rs 95 crore in the previous fiscal. The company’s losses have more than doubled from the 2020-21 fiscal to Rs 524 crore.
(Edited by : Kanishka Sarkar)
First Published: Sept 28, 2023 2:05 PM IST
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