CRED introduces Garage as one-stop vehicle management solution
CRED, a fintech start-up based in Bengaluru, has launched CRED Garage, an all-in-one vehicle management platform within its mobile app. This new feature allows users to keep track of fuel expenses, digital documentation, insurance, and more, all in one convenient location. Additionally, users can earn rewards for vehicle-related transactions on the app. CRED plans to introduce even more features in future phases.
Priority concierge and digital documentation services are offered
CRED Garage offers vehicle owners a single dashboard to access various services related to their vehicles. Select members can enjoy a priority 24/7 concierge service that helps with maintenance, servicing, and insurance claim questions. The platform is also integrated with DigiLocker, making it easy for users to store important documents like driver's licenses, registration certificates, and insurance papers. CRED Garage is part of the existing CRED app, so there's no need for a separate download.
The app will help users get roadside assistance
The concierge service provided by CRED Garage also helps users get roadside assistance in case of a vehicle breakdown. Additionally, the platform includes FASTag recharge capabilities right within the app. Users will receive reminders for pollution checks, emission tests, and insurance renewals. Members can also enjoy special perks on motor insurance renewal, as well as rewards, offers, and deals across transactions.
It allows for tracking fuel spending and performance insights
CRED Garage makes it simple for users to track maintenance records, performance insights, and fuel spending all on one platform. The app even provides information on fuel prices in the user's city. By presenting this data in an easy-to-understand format, members can optimize their vehicle usage based on these insights. Initially, CRED plans to roll out these features to a select group of customers before expanding to a wider audience.
'CRED Garage is aimed at improving lifestyle of members'
Describing the clientele of CRED Garage, a company spokesperson said, "There is a significant overlap between unique credit card holders and car owners - both belonging to the top 10 percent of high-spending individuals with higher disposable income." "CRED Garage is an extension of Cred's mission to improve the lives and lifestyles of its members," they added.
A look at the company's financials
In FY22, CRED registered a net loss of Rs. 1,279 crore, while its revenue climbed by nearly 340% from Rs. 95 crore in FY21 to Rs. 422 crore in FY22. To note, the firm's losses have more than doubled from FY21 and stands at Rs. 524 crore. The average value of a transaction on CRED via UPI dropped from Rs. 13,300 in January 2022, to Rs. 4,529 in April this year.
