One of the famous unicorns, CRED, founded by Kunal Shah, enters the vehicle management space, which many still need to tap.
What initially began with credit card reminders and #payments, then included bill payments and now has the new vertical under its foray. The vehicle management vertical has been named "CRED Garage" and is included in the #Cred app.
The new offering sounds interesting, as it has an inherent positioning similar to the CRED model. Some of the interesting points:
- Unique Credit Card Owners and Car Owners belong to the top 7-8% of the Indian population, and CRED tries to serve them.
- Instead of trying to use different platforms, this app has all - fuel spending tracking and digital documentation (licenses, insurance policies, registration certificates, etc.).
- Like the Credit Card #payments, users will be rewarded for vehicle-related spending.
- Some premium-selected members will enjoy concierge services for questions about #insurance claims, maintenance, roadside assistance, etc.
- Like CRED reminds you of timely credit card payments, the CRED Garage will remind you to make timely payments for Pollution Check, Insurance, etc.
The fintech unicorn will also bring services like direct payment of insurance policies, recharge of Fastag, etc.
Essentially, the vehicle management space has many things on a siloed basis, and CRED has built a single platform to manage all of that.
With some #acquisitions and #investments, CRED has been off-late trying to strengthen the hold on its fintech portfolio. This is another proof of that.
Did you try CRED Garage? How has been your experience?
#vehiclemanagement #payments #fintech #vehicle #cars
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3wInteresting Nick, thanks for sharing!