CARS24’s Financial Arm Disburses INR1000 Cr Loans Since Inception

CARS24, India's leading e-commerce platform for pre-owned cars, 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 is the first pre-owned car player in the industry to secure an NBFC license in 2019 making it a one stop solution for pre-owned car buyers, bringing synergy in the buyer and borrower journey. The focus is to provide the best experience to the next generation of pre-owned car buyers while providing unparalleled support and hassle-free financing against all cars, coupled with the option to choose from financing offers that suit their budget and needs. Keeping buyers at the core, CARS24 has been able to successfully create a product market fit by providing simple yet powerful financing solutions.

CARS24 is redefining the industry by making cars accessible and affordable for all through its unique customer centric propositions in the financing space, namely the introduction of 0% down payment, longer tenures and availability of pre-approved loans that enables a buyer to buy their dream car without worrying about their loan eligibility. This has allowed CARS24's financial arm to deliver 100%+ growth every year since inception. Simultaneously, the financing attach rate of CARS24 grew from mid teens to 50+%, the highest for any pre-owned car financer in India.

CARS24 Co-founder & CFO, Ruchit Agarwal comments:

“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.”

CARS24 Co-founder & CEO, Vikram Chopra comments:

“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. “