Used Vehicle Online Transaction Platform CARS24 has partnered with Poonawalla Fincorp Ltd for fast and transparent consumer finance for vehicles purchased on the platform.

“In this partnership, Poonawalla Fincorp Ltd will honor consumer loans from CARS24. In addition, both parties will participate in the risks and rewards,” a statement from the companies said.

Poonawalla Fincorp, formerly known as Magma Fincorp Ltd, is a Systemically Important Non-Bank Financial Company (ND-SI-NBFC) registered with the Reserve Bank of India.

According to CARS24 CFO and Co-Founder Ruchit Agarwal, consumer finance penetration in the used car industry is only around 20% and there is a huge market opportunity to be exploited.

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“Our partnership with Poonawalla Fincorp Ltd is another step in making consumer finance easy, transparent and secure, making the dreams of more Indians owning a car a reality. We are sure this partnership brings us closer to our goal of becoming a one stop solution for used cars by solving a simplified process of buying, selling and financing vehicles, ”said Agarwal.

Vijay Deshwal, chief executive of Poonawalla Fincorp, said car ownership has become a necessity in recent times and the pandemic has further accelerated this trend.

“With technology at the core, at Poonawalla Fincorp we aim to create a digital 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 a hassle-free experience for customers to realize their dream of owning a car, ”added Deshwal.

Founded in 2015 by Vikram Chopra, Mehul Agrawal, Ruchit Agarwal and Gajendra Jangid, CARS24 offers customers a platform to buy and sell used vehicles (cars and bicycles) as well as financing options. The company operates in more than 130 cities in India.

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