CARS24 Financial Services raises Rs 10 cr from Vivriti Capital

CARS24 Financial Services, a subsidiary of auto-tech firm CARS24 Services, on Thursday said it has secured a debt funding of Rs 10 crore from Vivriti Capital. The capital will be utilised to expand both dealer and consumer lending across 50 cities, a statement said. Launched in 2019, CARS24 Financial Services currently operates in 25 cities.

CARS24 Financial Services, a subsidiary of auto-tech firm CARS24 Services, on Thursday said it has secured a debt funding of Rs 10 crore from Vivriti Capital. The capital will be utilised to expand both dealer and consumer lending across 50 cities, a statement said. "Our lending business has witnessed a tremendous growth trajectory in 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," CARS24 co-founder and CFO Ruchit Agarwal said.

He added that the company is expanding its services considering that people are inclined more towards private vehicles due to the pandemic situation. Launched in 2019, CARS24 Financial Services currently operates in 25 cities.