CARS24 in strategic partnership with Bajaj Finance
Source: IRIS | 31 Dec, 2021, 12.56PM
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 CARS24, India's leading e-commerce platform for pre-owned vehicles has collaborated with Bajaj Finance, to lift the veil from used car financing and facilitate a quick, frictionless and streamlined shopping experience.This move follows a Series G funding round announced in December 2021 that raised USD 400M for the used cars e-commerce player - CARS24.
While the consumer demand for pre-owned vehicles is skyrocketing, the consumer financing penetration in the Indian used cars industry stands at only ~15%. Realizing the key role financing plays when investing in a car, CARS24 and Bajaj Finance, are enabling consumers by improving their financial flexibility and providing greater accessibility of owning a car.
Ruchit Agarwal, Co-founder & CFO, CARS24 said, "CARS24 is poised to rewrite the industry rules. We are on a mission to fulfill the dream of more Indians to own a car by focusing on delivering a fully seamless financing solution to our consumers. In this process, we are sure our partnership with Bajaj Finance will prove to be a perfect product market fit. CARS24, along with BFL, is putting the consumer first when it comes to financing used car purchases- all combined with ease of use, highest quality customer experience and transferring control back to the consumer."
Commenting on this strategic partnership, Anup Saha, Dy. CEO Bajaj Finance, said, "Providing easy and accessible finance solution is at the core of Bajaj Finance. This synergic partnership promotes the idea of finance for used cars to a larger audience. We believe, there is huge potential in the used car segment and the right financial solutions will only help customers make the right decision in exploring this option. Customers can now expect a completely seamless buying experience, coupled with quick approvals, minimal documentation and other value added services & offers."CARS24 Financial Services, a wholly owned subsidiary of CARS24 Services, offers car lending to used car buyers making lending simpler, safer, faster, and more accessible.
Shares of the company gained Rs 86.65 or 1.26%, to trade at Rs 6,955.50. The total volume of shares traded was 10, 560 at the BSE (Friday).
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