CARS24, India’s leading e-commerce platform for pre-owned vehicles has collaborated with Bajaj Finance Ltd., 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 $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 Ltd., 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 Ltd. 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 Ltd., 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 Pvt Ltd, a wholly owned subsidiary of CARS24 Services Private Limited, offers car lending to used car buyers making lending simpler, safer, faster, and more accessible. This mutually beneficial partnership will lead to increased penetration in the used cars industry and enable consumers to further enjoy CARS24’s hassle free customer experience with financial solutions of Bajaj Finance Ltd.