The Business Bytes
TBB BUREAU
MUMBAI, MAY 25, 2023
Capri Global Holdings Pvt Ltd (CGHL), the holding company for Capri Global Capital Limited – a prominent non-banking financial company with the brand name Capri Loans, has expanded its national footprint by acquiring 51 per cent stake in CarLelo, India’s leading online new car selling platform. This strategic investment, amounting to Rs 150 crore, reinforces Capri Loans’ position as a key player in the Indian automotive financing market while driving digital transformation and enhancing the consumer experience.
Capri Loans is the No. 1 new car loan aggregator in the Car Loan industry, clocking a whopping number of 60,000 car loans in the last financial year itself. As a prominent player in the financial services industry, Capri Loans recognizes the immense potential in the online new car financing segment. This acquisition is a natural progression towards cementing Capri Loans commitment to customer convenience and its dedication to meet the evolving needs of Car Loan customers nationwide.
Emphasizing the company’s customer-centric approach and this acquisition, Rajesh Sharma, Managing Director & Founder, Capri Global Holdings Pvt Ltd stated, “At Capri Loans, customer convenience lies at the core of our operations. This investment is a testament to our commitment to driving growth of the online new car sales & financing market while empowering new-age techpreneurs to overcome existing market challenges. Through our partnership with CarLelo, we aim to cater to the ever-evolving needs and requirements of customers across the nation. Capri Loans recognizes this investment as an opportunity to foster the expansion of the burgeoning online new car sales market, all while prioritising utmost convenience in terms of financing for customers and propelling forward cutting-edge solutions within the industry.”
With this fresh influx of capital, CarLeLo will improve its presence, services and technology which will be utilised to acquire new customers. The robust services that CarLelo provides will also work towards improving relationships with existing consumers. CarLelo currently has 1,200 associates strategically placed across 34 cities in India who regularly interact with customers, delivering them end-to-end services for all their new vehicle-related needs. In addition, the company will also handhold 8,000+ authorized dealerships in the country to enhance customers’ digital buying and selling experience. Further, CarLelo, with its innovation in online new car sales, intends to sell around 7,000 to 8,000 cars every month, making it the go-to platform for customers seeking a hassle-free car buying experience. The online platform also offers a catalog of 32 brands, 265 models and 1,700 variants.
Gaurav Aggarwal, the visionary CEO of CarLelo, expressing his excitement about the association with Capri Loans, said, “Capri Global Holdings Pvt Ltd.’s investment serves as a resounding validation of CarLelo’s vision to revolutionize the new car selling and buying experience for today’s tech-savvy generation, ushering in unprecedented transformations in the online auto sales market. With the increasing prominence of digital sales and the anticipated rise to an 80% market share within the next two years, driven by the rapid penetration of the internet and smartphones, as well as the shifting consumer sentiments towards online purchases of high-value items, this investment will bolster our endeavours to enhance our services and facilitate seamless car transfers by leveraging cutting-edge technologies. The digital car sales realm represents an untapped and abundant market opportunity, and together, CarLelo and Capri Loans can forge new frontiers within this domain.”
Capri Loans understands that today’s customers seek convenience, transparency, and competitive pricing when purchasing a new car. With CarLelo’s user-friendly platform, customers can easily research and compare different car models, obtain quotes and loan options and even book test drives online.
