CARS24’s financial arm becomes profitable

CARS24 has announced that its financial arm CARS24 Financial Services Pvt Ltd (CFSPL) has disbursed used car loans worth over INR 1,000 in the last three years of operation while achieving net profitability .

CARS24 Co-Founder and CFO Ruchit Agarwal said, “We are delighted to see the trust our consumers place in us. Our current growth only reinforces our belief that we are heading in the right direction. In July 2019, we obtained the NBFC license and within 3 years, our financial services arm has grown profitably through our strong brand CARS24 which fulfills the dream of millions of Indians to own their family’s car. dreams. We will continue to strive to be the one stop destination for all things used cars; it’s up to us to make every interaction – buy, sell or finance – a great and memorable experience for our consumers.

According to CARS24 Co-Founder and CEO, Vikram Chopra, “As the demand for used cars increases, buyers are looking for a one-stop solution for all used cars. As a result, this has also led to a growth in loans for used cars. Our market-driven product offerings and our proprietary algorithm designed to assess the creditworthiness of used car customers form the backbone of our loan product. CARS24 has been a catalyst in bridging the funding gaps and making dream cars accessible to our customers.”

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