• This move follows a Series G funding round announced in December 2021 that saw the company raise $400 million.

This move follows a Series G funding round announced in December that saw Cars24 raise $400 million. As per the release, the consumer demand for pre-owned vehicles is skyrocketing, but 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, it added.

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.”

Anup Saha, deputy 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.”

Bajaj Finance has already been offering loans such as consumer durable loans, lifestyle finance, digital product finance, personal loans, loan against property, small business loans, wallet, co-branded credit cards, two-wheeler and three-wheeler loans, commercial lending/SME loans and loan against securities.