CARS24 Financial Services, the lending arm of the auto-tech startup, CARS24, has now raised its first debt funding of INR 10 crore from the Vivriti Capital.
According to the survey of the CARS24, 40% of the consumer intention to purchase a private car post lockdown has increased. Moreover, the availability of easy financing options has been a challenge for both dealers and consumers.
Ruchit Agarwal, Co-founder and CFO, CARS24, said, “Our lending business has witnessed a tremendous growth trajectory in the past one year. We have successfully disbursed Rs 400 crore to dealers and customers. The overwhelming response has motivated us to deepen the presence in India to over 50 cities.”
Gaurav Kumar, Founder & MD, Vivriti Capital, said, “CARS24 has emerged as the fastest-growing auto-tech startup of the country, and we are confident they will scale even greater heights. We are happy to provide funding support to their NBFC arm through our platform CredAvenue, which was their first debt deal. Our common conviction in the power of tech-enabled solutions to build a healthy book makes this a natural partnership.”