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Cars24, an 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 consumer financing on vehicles bought from Cars24. In this partnership, Poonawalla Fincorp will fulfill consumer loans originating through Cars24. Additionally, both parties will partake in the risk and rewards.

Cars24 has just inaugurated its largest mega refurbishment lab (MRL) in India, spread over an area of over 1.3 lakh sq ft in Dharuhera district of Delhi NCR region. The facility will refurbish over 3000 cars monthly and will employ approximately over 250 auto experts.

Ruchit Agarwal, Co-founder & CFO, Cars24 said, “With only ~20% 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."

“We are sure that this partnership draws us closer to our aim of becoming a one stop solution for used cars by solving for simplified vehicle buying, selling, and financing process," Agarwal added.

Vijay Deshwal, Group Chief Executive officer, Poonawalla Fincorp Ltd (PFL) said “We are delighted to partner with Cars24 to provide seamless financing to the pre-owned car customers. Owning 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."

Car24 operates in over 200 Indian cities used to buying and selling used cars.

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