CARS24’s financial arm achieves profitability
The company has disbursed pre-owned car loans worth over Rs 1000 cr in the last three years
CARS24 has announced that its financial arm CARS24 Financial Services Pvt Ltd (CFSPL) has disbursed pre-owned car loans worth over INR1000 Cr in the last three years of operations, while achieving net profitability.
CARS24 Co-founder & CFO, Ruchit Agarwal says: “We are delighted to see the trust and confidence that our consumers have placed in us. Our current growth only cements our belief that we are headed in the right direction. In July 2019, we secured NBFC license and in a short span of 3 years, our financial services arm has scaled profitably on the back of our strong CARS24 brand that is fulfilling the dream of millions of Indians of owning their dream car. We will continue striving to become the one stop destination for everything synonymous with pre-owned cars; it’s on us to make every interaction- buy, sell or finance- an excellent and a memorable experience for our consumers.”
According to CARS24 Co-founder & CEO, Vikram Chopra, “As the demand for pre-owned cars is growing, buyers are looking for a one stop solution for everything pre-owned cars. Hence, this has resulted in growth of pre-owned car loans as well. Our unique market product fit offerings and our proprietary algorithm designed to assess pre-owned car customer creditworthiness are the backbone of our lending product. CARS24 has played a catalytic role in bridging the financing gaps and making dream cars accessible to our customers.”
