Initial public offering (IPO)-bound CarDekho Group’s vehicle financing platform Rupyy on Wednesday said it has appointed Mayank Shyam Thatte as its chief financial officer to oversee financial management, legal and regulator matters and developing strategies for fundraising activities.
Thatte comes with over 20 years of experience in finance and has earlier worked at Aye Finance, ICICI Bank and Tata Motor Finance.
At Ruppy, he will also be responsible for evaluating the platform’s capital structure and ensuring efficient control and assessment of the company's financial resources during fundraising initiatives, the company said in a statement.
"His experience and strategic financial expertise make him an invaluable asset in driving our next phase of growth. Mayank's proven record and unwavering commitment to excellence align perfectly with our vision,” said Namit Jain, chief executive officer and co-founder, Rupyy by CarDekho Group.
CarDekho Group, in November last year, had said that it is infusing $100 million in Rupyy in a mix of debt and equity to grow the business, improve the technology stack and launch new product categories.
Rupyy currently has partnerships with 30 banks and NBFCs (non-banking financial companies) and has a network of 9,000 distributors across 150 locations in India for providing financing options to automobile customers and retailers.
The company, which was launched in April last year, offers a QR code-based loan platform to provide instant disbursements via video KYC and digital agreements.
In the used car lending segment, Rupyy faces off against several players including Cars24's lending arm, Cars24 Financial Services as well as Tata Capital, Poonawalla Fincorp, and Mahindra Finance, among others.
