CARS24, India's leading e-commerce platform for pre-owned vehicles and Poonawalla Fincorp Ltd (Formerly known as Magma Fincorp Limited), a non-deposit taking systemically important non-banking finance Company (ND-SI-NBFC), have announced their strategic partnership for quick and seamless consumer financing on vehicles bought from CARS24.
How it works?
In this partnership, Poonawalla Fincorp Ltd will fulfill consumer loans originating through CARS24. Additionally, both parties will partake in the risk and rewards.
Vijay Deshwal, Group Chief Executive officer, Poonawalla Fincorp Ltd (PFL) said, “ wning a car has become a necessity in recent times and the pandemic has further accelerated that trend. With technology at its core, we at Poonawalla Fincorp aim to create a digitally-enabled 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 hassle-free experience to the customers in fulfilling their dream of owning a car.”
Ruchit Agarwal, Co-founder & CFO, CARS24 said, “With only 20 percent consumer financing penetration in the used cars industry, we feel that there is a huge market opportunity waiting to be tapped. Our partnership with Poonawalla Fincorp Ltd (Formerly known as Magma Fincorp Limited) is another step in making consumer financing easy, transparent, and safe, thus, fulfilling dreams of more Indians owning a car."
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