CARS24 partners Poonawalla Fincorp for consumer financing

Online transaction platform for pre-owned vehicles CARS24 has partnered Poonawalla Fincorp Ltd for quick and seamless consumer financing for vehicles bought from the platform.
 
"In this partnership, Poonawalla Fincorp Ltd will fulfill consumer loans originating through CARS24. Additionally, both parties will partake in the risk and rewards," a release from the companies said.
 
Poonawalla Fincorp, formerly known as Magma Fincorp Ltd, is a non-deposit taking systemically important non-banking finance Company (ND-SI-NBFC) registered with the Reserve Bank of India.
 
According to CARS24 CFO and co-founder Ruchit Agarwal, consumer financing penetration in the used cars industry is only at about 20 per cent and there is a huge market opportunity waiting to be tapped.
 
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"Our partnership with Poonawalla Fincorp Ltd is another step in making consumer financing easy, transparent, and safe, thus, fulfilling dreams of more Indians owning a car. We are sure that this partnership draws us closer to our aim of becoming a one stop solution for used cars by solving for simplified vehicle buying, selling, and financing process," Agarwal said.
 
Vijay Deshwal, Group Chief Executive officer of Poonawalla Fincorp, said that owning a car has become a necessity in recent times and the pandemic has further accelerated that trend.
 
"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 the customers in fulfilling their dream of owning a car," Deshwal added.
 
Founded in 2015 by Vikram Chopra, Mehul Agrawal, Ruchit Agarwal and Gajendra Jangid, CARS24 offers a platform to customers to buy and sell pre-owned vehicles (cars and bikes) as well as financing options. The company operates in over 130 cities in India.

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