Poonawalla Fincorp & CARS24 announce partnership for seamless consumer financing
- ByStartupStory | November 23, 2021
E-commerce platform for pre-owned vehicles, CARS24 and non- banking finance company, Poonawalla Fincorp Ltd. have entered into a strategic partnership which they claim to provide quick and seamless consumer financing on vehicles brought from CARS24. Poonawalla Fincorp will participate in the consumer loans sector originating from CARS24. Apparently, both parties will participate in the risk and reward in the partnership.
Vijay Deshwal, the Group Chief Executive Officer of PFL commented ,”We are delighted to partner with CARS24 to provide seamless financing to the pre-owned car customers” he went on to add, “We at Poonawalla Fincorp aim to create a digitally enabled consumer lending platform and this partnership with CARS24 is a step in that direction” Whereas, Mr. Ruchit Agarwal, Co-founder and CFO, CARS24 said ,”With only about 20% consumer financing penetration in the used cars industry, we feel that there is a huge market opportunity waiting to be tapped”.
PFL, the non-banking finance company is registered with the Reserve Bank of India(RBI). After raising a capital of Rs 3456 Crore in May21, the company is a part of Poonawalla Group, now owned and controlled by Mr. Adar Poonawalla.
PFL with its widespread coverage across 21 states with 296 branches offers financial products including loans, Personal loans, Pre-owned Car loans, Mortgage finance and General Insurance. The partnership with CARS24 will provide Pre-owned car loans to the customers of CARS24.
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