Through Garage, Cred is looking to offer users a single dashboard that will also allow them to access a round-the-clock service for roadside assistance and documents including their driver’s licence and registration certificate. It will provide insights on performance and spending made on the vehicle, including on fuel.
Elevate Your Tech Prowess with High-Value Skill Courses
|Kellogg Post Graduate Certificate in Digital Marketing
|Indian School of Business
|ISB Product Management
|Kellogg Post Graduate Certificate in Product Management
|IIML Executive Programme in Data Science
Collecting information from users on vehicles will allow it to provide a more premium data set to insurance partners.
“As expected from Cred, members will also enjoy rewards, offers and deals across transactions. Members can also renew motor insurance (through the platform) and get member-exclusive perks,” the company said in a press statement.
Cred currently acts as a credit distribution platform for its lending partners and hinges its differentiation on high credit score customers.
With the new platform, the startup will be taking the fight to Peak XV and Matrix-backed Park+, as it looks to provide granular data on parked cars in an easy-to-read dashboard. Park+ also offers customers the option to renew or buy motor insurance from its platform.
Cred has been pushing to ensure stickiness on its platform, diversifying from just offering credit card bill payments, and has launched features such as the Unified Payments Interface on its app in recent months. Garage is another effort to keep users stay with it.
Cred did not directly respond to ET’s queries around its car insurance distribution plans.
“While cars are an emotional asset for Indians, ownership is complex, time-consuming, and high-friction, with a number of tasks that need to be addressed regularly, such as paying challans, renewing insurance, and getting the car serviced,” the company said in response to ET’s queries. “There is a significant overlap between unique credit card holders and car owners—both belonging to the top 10% of high-spending individuals with higher disposable income.”
The Garage platform will have DigiLocker integration, which will allow users to access essential documents such as their driver’s licence, registration certificate and insurance papers.
The platform is also expected to provide reminders to users for tasks such as pollution checks and insurance renewals.
Cred will roll out Garage to its entire user base starting Thursday. The service will be housed on its main app.
- Front Page
- Pure Politics
- Brands & Companies
- Learn more about our print editionMore
- Vedanta to Demerge into Six Listed Companies
Resources conglomerate Vedanta, which faces bond redemptions exceeding $3 billion over the next 18 months at its UK-based holding company, Friday said it would demerge into six listed companies to undergird the valuations of its revenue streams as diverse as mining, energy, and non-ferrous metals.Jewellery Chains Put their Hallmark on Small Towns
Latha Radhakrishnan used to travel to Coimbatore city to buy gold jewellery from Tanishq's store there, but she now has the option to buy it closer home, as the Titan co-owned chain has opened an outlet at Pollachi.Sony-Zee Show Runs Into Overtime; Legal Glitches Behind Delay: Experts
Sony Group Corp Friday said that there would be a delay of several months in the merger of its local media unit Sony Pictures Networks India with Zee Entertainment Enterprises (ZEEL), while adding that both parties would pursue the processes necessary to close the deal that aims to create one of the biggest media companies in Asia’s third-largest economy.
ETPrime stories of the day
2 mins read
5 mins read
6 mins read