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Piramal Retail Finance ventures into the used-car financing segment

Piramal Retail Finance ventures into the used-car financing segment
Santosh Nair Santosh Nair Thursday 15 April 2021, 15:06 PM

Piramal Retail Finance today announced the launch of its expanded multi-product retail financing platform that includes used-car financing. Focused on small and mid-town India, the company offers new and expanding product offerings to meet various financing needs of customers from these regions.

Over the last quarter, Piramal has launched Digital Purchase Finance and Used-Car financing solutions. For its business model to work efficiently, Piramal has tied with CARS24 for used car financing. In the last year, Piramal Retail has grown its on-ground presence significantly, now covering 40 locations across the country, with a mix of large and small towns.

The geographic growth plans continue with 10 new locations all set for opening in the next three months. Jairam Sridharan, CEO, Piramal Retail Finance, said, “Our core target market is the budget customer of Bharat. For this customer, although Housing Finance remains a very important financial need, they also have a wide variety of other needs as well - to expand their business, buy a second-hand car, etc. Availability of credit for these highly underserved segments has been limited. Piramal Retail Finance’s expanded multi-product platform aims to serve these diverse needs and contribute to the growth story of Bharat.”

 

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