CARS24 Financial Services, a subsidiary of CARS24 Services, India’s fastest growing auto-tech company, has secured its first debt funding of 10 Cr from Vivriti Capital Pvt Ltd.
According to a survey by CARS24, 41% of the consumer’s intention to purchase a private car post lockdown has increased. However, availability of easy financing options has been a challenge for both dealers and consumers. Realising the potential, CARS24 will use the money to lend to small dealers and consumers across 50 cities who needs funds to buy cars.
Sharing the information, Ruchit Agarwal, Co-founder and CFO, CARS24 said, “Our lending business has witnessed a tremendous growth trajectory in past one year. We have successfully disbursed INR 400 Cr to dealers and customers. The overwhelming response has motivated us to deepen the presence in India to over 50 cities. We gladly welcome Vivriti Capital Pvt Ltd. to join us in our journey to offer seamless financing option to dealers and consumers. With their trust and capital, we are expanding our services, considering now people are inclined more towards private vehicles due to the pandemic situation.”
“CARS24 has emerged as the fastest growing auto-tech start-up of the country and we are confident they will scale even greater heights. We are happy to provide funding support to their NBFC arm through our platform CredAvenue, which was their first debt deal. Our common conviction in the power of tech enabled solutions to build a healthy book makes this a natural partnership” said, Gaurav Kumar, Founder & MD, Vivriti Capital.
Launched in 2019 with an aim to provide seamless and instant access to credit, CARS24 Financial Services has been successfully running its services across 25 cities. Quick and easy Loan Plans, 1 Day Disbursal, 100% Buy Back Guarantee and Zero Prepayment Charges are some of the noteworthy features for the consumers.