Comments
Poonawalla Fincorp and CARS24 on Monday announced their strategic partnership for quick and seamless consumer financing on vehicles bought from CARS24.
CARS24 raises $450 million funding in Series F round
“In this partnership, Poonawalla Fincorp will fulfil consumer loans originating through CARS24. Additionally, both parties will partake in the risk and rewards,” they said in a statement.
‘Huge market opportunity’
Vijay Deshwal, Group Chief Executive officer, Poonawalla Fincorp Ltd, said, “With technology at its core, we at Poonawalla Fincorp aim to create a digitally-enabled consumer lending platform and this partnership with CARS24 is a step in that direction. We are optimistic that this will be a great partnership and will provide hassle-free experience to customers in fulfilling their dream of owning a car.”
Cars24 eyes 20% share of the used car market in 5 years
Ruchit Agarwal, Co-founder and CFO, CARS24, said, “With only 20 per cent consumer financing penetration in the used cars industry, we feel that there is a huge market opportunity waiting to be tapped.”
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.