The platform for pre-owned vehicles is partnered with Poonawalla Fincorp Ltd for quick and seamless consumer financing for vehicles purchased from the platform.
In this partnership, Poonawalla Fincorp Ltd will fulfill consumer loans originating through CARS 24. Both parties will be able to take advantage of the risk and rewards, according to a release from the companies.
Poonawalla Fincorp, formerly known as Magma Fincorp Ltd, is a non-banking finance company ND-SI NBFC registered with the Reserve Bank of India.
Consumer financing penetration in the used cars industry is only 20 per cent, and there is a huge market opportunity waiting to be tapped, according to CARS 24 CFO and co-founder Ruchit Agarwal.
Agarwal said that the partnership brings us closer to our aim of becoming a one stop solution for used cars by solving for a simplified vehicle buying, selling and financing process.
Vijay Deshwal, the Group Chief Executive Officer of Poonawalla Fincorp, said that owning a car has become a necessity in recent times and the pandemic has accelerated that trend.
We at the Poonawalla Fincorp aim to create a consumer lending platform with technology at its core, and this partnership with CARS 24 is a step in that direction. It's a great partnership and will provide a hassle-free experience for the customers in fulfilling their dream of owning a car, according to Deshwal.
CARS 24 is a platform for customers to buy and sell pre-owned vehicles, cars and bikes, as well as financing options, founded in 2015 by Vikram Chopra, Mehul Agrawal, Ruchit Agarwal and Gajendra Jangid. The company operates in over 130 cities in India.