Amid Notices From Landlords, Cars24 Receives NBFC License

Amid Notices From Landlords, Cars24 Receives NBFC License

SUMMARY

The company has formed a new entity CARS24 Financial Services

It will be launching its services in Delhi, Mumbai and Bengaluru in August 2019

The company will facilitate vehicle loans to customers as well as finance channel partners

Gurugram-based online used car marketplace Cars24 said that it has procured an non-banking financial company (NBFC) license from the Reserve Bank of India (RBI) and will be venturing into the consumer lending business. The company has formed a new entity — CARS24 Financial Services — for the same.

The company will be launching its services in Delhi, Mumbai and Bengaluru in August 2019 and will scale up to the other cities gradually. With the NBFC license, the company aims to provide seamless and instant access to credit.

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