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.”