Cars24 Financial Services has raised its first debt funding of Rs 10 crores from Vivriti Capital.
As per the company, it plans to utilize the funding amount to lend to small dealers and consumers across 50 cities where Cars 24 operates.
Talking about Cars24 Financial Services, Ruchit Agarwal, Co-Founder and CFO of Cars24, said,
“Our lending business has witnessed a tremendous growth trajectory in past one year. We have successfully disbursed INR 400 Cr to dealers and customers.”
Started in 2019, Cars24 Financial Services is a subsidiary of Cars24 Services Pvt Ltd and is working with a mission to provide seamless and instant access to credit.
It provides consumers with quick and easy loan plans, a one-day disbursal, a 100% buy-back guarantee, and zero pre-payment charges.
Team Cars24 has also conducted a survey that concluded 41% of the consumer’s intention to purchase a private car post lockdown has increased.
However, the only challenge for both dealers and consumers has been the availability of easy financing options.