Capri Global Holdings Acquires Majority Stake in CarLelo to Enhance National Presence in Online Car Sales

• ByStartupStory     |    May 27, 2023

Capri Global Holdings Private Limited (CHGL), the holding company of non-banking financial company Capri Global Capital Limited, has successfully acquired a majority stake of 51% in CarLelo for an amount of Rs 150 crore. This strategic move is expected to enhance CarLelo’s national presence and expand its operations.

Benefiting from the newly injected capital, CarLeLo aims to enhance its market presence, services, and technology, leveraging them to attract a broader customer base. The company also plans to prioritize customer relationships and implement strategies to improve customer satisfaction.

CarLelo currently boasts a strategic presence across 34 cities in India, employing 1,200 associates who engage with customers on a regular basis, providing comprehensive services for their new vehicle requirements. The company has ambitious plans to support over 8,000 authorized dealerships in the country, aiming to enhance customers’ digital purchasing and selling journeys. CarLelo’s innovative approach to online new car sales targets a monthly volume of approximately 7,000 to 8,000 cars, positioning itself as the preferred platform for customers seeking a seamless car buying experience. The online platform offers an extensive catalog featuring 32 brands, 265 models, and 1,700 variants.

Emphasising the company’s customer-centric approach and this acquisition, Rajesh Sharma, Managing Director & Founder, Capri Global Holdings Pvt Ltd, stated, “At Capri Loans, customer convenience lies at the core of our operations. This investment is a testament to our commitment to driving the growth of the online new car sales and financing market while empowering new-age techpreneurs to overcome existing market challenges. Through our partnership with CarLelo, we aim to cater to the ever-evolving needs and requirements of customers across the nation. Capri Loans recognizes this investment as an opportunity to foster the expansion of the burgeoning online new car sales market, all while prioritising utmost convenience in terms of financing for customers and propelling forward cutting-edge solutions within the industry.”

Gaurav Aggarwal, the visionary CEO of CarLelo, expressed his excitement about the association with Capri Loans, said, “Capri Global Holdings Pvt Ltd.’s investment serves as a resounding validation of CarLelo’s vision to revolutionize the new car selling and buying experience for today’s tech-savvy generation, ushering in unprecedented transformations in the online auto sales market. With the increasing prominence of digital sales and the anticipated rise to an 80% market share within the next two years, driven by the rapid penetration of the internet and smartphones, as well as the shifting consumer sentiments towards online purchases of high-value items, this investment will bolster our endeavours to enhance our services and facilitate seamless car transfers by leveraging cutting-edge technologies. The digital car sales realm represents an untapped and abundant market opportunity, and together, CarLelo and Capri Loans can forge new frontiers within this domain.”

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