CARS24’s financial arm achieves profitability

Ruchit Agarwal, Co-founder and CFO of CARS24, expresses joy at the trust and confidence shown by consumers. He emphasizes that the current growth reinforces their belief in the right direction. Having obtained an NBFC license in July 2019, the financial services arm of CARS24 has achieved profitable scaling in just three years.

Agarwal attributes this success to the robust CARS24 brand, fulfilling the dreams of millions of Indians to own their dream cars. He affirms the commitment to evolving into a comprehensive destination for everything related to pre-owned cars, aiming to make every interaction—be it buying, selling, or financing—an excellent and memorable experience for consumers.

Vikram Chopra, Co-founder and CEO of CARS24, highlights the growing demand for pre-owned cars and the need for a one-stop solution in this space. He notes the increasing popularity of pre-owned car loans.

Chopra attributes the success of their lending product to unique market offerings and a proprietary algorithm designed to assess the creditworthiness of pre-owned car customers. CARS24, according to Chopra, plays a pivotal role in closing financing gaps and making dream cars accessible to customers.