Poonawalla Fincorp, CARS24 in strategic pact for consumer financing

Our Bureau Mumbai | Updated on November 22, 2021

Partnership aimed at enabling loans on vehicles bought from CARS24

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.”

Published on November 22, 2021

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