Poonawalla Fincorp and CARS24 Announce Strategic Partnership for Ongoing Consumer Funding
Pune, Maharashtra, India:
CARS24, India’s leading e-commerce platform for used vehicles and Poonawalla Fincorp Ltd (formerly Magma Fincorp Limited), a systemically important non-bank finance company (ND-SI-NBFC), announced their partnership strategy for a fast and transparent consumer financing on vehicles purchased from CARS24.
In this partnership, Poonawalla Fincorp Ltd will honor consumer loans from CARS24. In addition, both parties will participate in the risks and rewards.
Commenting on this strategic partnership, Vijay Deshwal, Group Managing Director, Poonawalla Fincorp Ltd (PFL) said “We are delighted to partner with CARS24 to provide transparent financing to used car customers. Owning a car 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 it will be a great partnership and provide a hassle-free experience for customers to realize their dream of owning a car. ”
Ruchit Agarwal, Co-Founder and CFO of CARS24, said: “With only around 20% consumer finance penetration in the used car industry, we believe there is a huge market opportunity to be exploited. Our partnership with Poonawalla Fincorp Ltd (formerly Magma Fincorp Limited) is another step in making consumer finance easy, transparent and secure, making the dreams of more Indians owning a car a reality. We are convinced that 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.
Poonawalla Fincorp Limited (formerly Magma Fincorp Limited) is a systemically important non-bank financial company (ND-SI-NBFC), registered with the Reserve Bank of India (RBI). The company started operations almost three decades ago and is listed on the Bombay Stock Exchange (BSE) and the National Stock Exchange of India (NSE). Following the capital increase of Rs 3,456 Crore in May’21, the company is now part of the Poonawalla group with a majority stake held by Rising Sun Holdings Private Limited, a company owned and controlled by Mr. Adar Poonawalla.
The new corporate identity “P” means Passion, principles, purpose, people and possibilities. Poonawalla Fincorp Limited (“PFL”) has extensive coverage with 296 branches in 21 states and a loan portfolio of over Rs. 14,000 crore. The Company offers a variety of financial products, including professional loans, business loans, personal loans, used car loans, mortgage financing and general insurance.
For more information, please log on to: www.poonawallafincorp.com
CARS24 is the largest online transaction platform for used vehicles in India. Founded in 2015 by Vikram Chopra, Mehul Agrawal, Ruchit Agarwal and Gajendra Jangid, it offers customers an efficient, reliable and hassle-free transaction experience for buying and selling used vehicles (cars and bikes) as well as financing options. . CARS24 operates in over 130 cities in India.
Since its inception, CARS24 has built a strong technological backbone that offers a variety of unique offerings, including an innovative auction format, a state-of-the-art proprietary inspection app, and a powerful algorithm that matches supply and demand across the market. country. In addition, CARS24 also has an innovative price discovery mechanism for used vehicles.
CARS24 is the first player in the used vehicle industry to obtain a Non-Bank Financial Company (NBFC) license and launch a consumer lending business with CARS24 Financial Services and the BIKES24 two-wheeler segment. It is backed by renowned investors such as Sequoia India, SoftBank, Falcon Edge, Exor Seeds (venture capital arm of Exor, one of the world’s leading holding companies controlled by the Agnelli family), DST Global, Kingsway Capital (a multi-billion dollar London-based fund), Unbound (global investment firm headquartered in London), Moore Strategic Ventures and KCK (investment firm based in Silicon Valley and New York) .
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Amarjeet Kaur, Poonawalla Fincorp Limited, [email protected]
Darshan Mankad, Ad Factors PR Private Limited, [email protected], + 91-9099947434
Aakanksha Ahlawat, CARS24, [email protected]
Prakriti Singh, Genesis-BCW, [email protected], + 91-9811317976
Rohan Vora, Genesis-BCW, [email protected], + 91-9820432753