Capri Global Capital Ltd reported a growth of 75 per cent year-on-year in new car loans, disbursing over ₹10,000 crore to approximately 94,000 customers in FY24. This represents around 2.5 per cent of India’s total passenger vehicle market.

The company informed, in the previous year, they focused on expanding its presence across the country, establishing operations at 750 locations in 28 states, targeting Tier III cities and Tier IV towns. The company also augmented its workforce and added banking partners and distributors to meet the increasing demand. Company reported, this approach enabled them to gain market share from urban and semi-urban areas where demand for new cars surged in FY24.

Capri Loans aims to grow its vehicle finance portfolio by 25 per cent next year. The company plans to expand its footprint in southern India and leverage technology by launching an app to automate part of the acquisition process.

Rajesh Sharma, Managing Director of Capri Global Capital, said, “India’s new car market is experiencing an unprecedented boom, fuelled by surging demand. Notably, there’s a discernible preference for larger vehicles such as SUVs and sports models, alongside a growing interest in efficient electric variants, particularly in urban areas. We’ve already disbursed over ₹10,000 crores for around 94,000 cars personal cars through our customer-centric approach, repayment plans tailored to individual financial circumstances, and ensuring convenience and ease throughout the process. At Capri Loans, we’re not just financing cars; we’re empowering dreams and reshaping the future of vehicle financing.”

The shares were up by 0.29 per cent to ₹222.60 at 12.16 pm on the BSE.