Cars24 Financial Services, the subsidiary of used cars buying platform Cars24, has raised its maiden round of debt funding of Rs 10 crore from Vivriti Capital. The company would utilize the latest funds towards lending money to small dealers and consumers across 50 cities who need funds to buy cars.
For the unaware, Cars24 had launched its financial services after receiving an NBFC license in August last year. The platform claims to have a presence in 25 Indian cities and disbursed Rs 400 crore loans to its dealers and customers to date. (Source-PR)