Poonawalla Fincorp and CARS24 Announce Strategic Partnership for Flawless Consumer Finance, Auto News, ET Auto

CARS24, India’s leading e-commerce platform for used vehicles and Poonawalla Fincorp Ltd (formerly Magma Fincorp Limited), a systemically important non-bank finance company (ND-SI-NBFC), announced their partnership strategy for a fast and transparent consumer financing on vehicles purchased from CARS24.

In this partnership, Poonawalla Fincorp Ltd will honor consumer loans from CARS24. In addition, both parties will participate in the risks and rewards.

Commenting on this strategic partnership, Vijay Deshwal, Managing Director of Poonawalla Fincorp Ltd (PFL) Group, said: “We are delighted to partner with CARS24 to provide transparent financing to used car customers. Owning a car has become a necessity lately. and the pandemic has further accelerated this trend. ”

“With technology at the core, at Poonawalla Fincorp we aim to create a digital consumer lending platform and this partnership with CARS24 is a step in that direction. We are optimistic that it will be a great partnership and provide a hassle-free experience. customers to make their dream of owning a car come true. “

Ruchit Agarwal, Co-Founder and CFO of CARS24, said: “With only around 20% consumer finance penetration in the used car industry, we believe there is a huge market opportunity to be exploited. . Our partnership with Poonawalla Fincorp Ltd (formerly known as Magma Fincorp Limited) is another step in making consumer finance easy, transparent and secure, making the dreams of more Indians owning a car a reality. We are convinced that this partnership brings us closer to our goal of becoming a one-stop solution for used vehicles. cars by solving a simplified process of buying, selling and financing vehicles. “

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As part of the strategic merger, Deepak Khanna, director of Meri EMI and experienced automotive professional, will also join CarzSo as director of retail finance and insurance and take responsibility for supporting the physical operations of the company. startup. , the statement said.

Commenting on the appointment, Ruchit Agarwal, Co-Founder and CFO of CARS24, said: “His appointment reflects the company’s continued commitment to financial discipline as we invest in new opportunities to generate value for our audience, our shareholders and the automotive industry at large. “

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