Non-bank lender Capri Global Capital on Thursday announced that it has acquired a majority stake in new car-selling platform Carlelo for Rs 150 crore.
The acquisition allows Capri Loans to expand its footprint in the auto finance market, an official statement said, adding the company is already into aggregation and clocked 60,000 car loans in FY23.
Courtesy, the new capital that comes as part of the deal, CarleLo will improve its presence, services and technology, which will be utilised to acquire new customers, the statement said, adding it has 1,200 associates in 34 cities at present.
At present, it offers 32 brands, 265 models and 1,700 variants, and aims to sell over 7,000 cars every month, as per the statement.
"This investment is a testament to our commitment to driving growth of the online new car sales and financing market while empowering new-age techpreneurs to overcome existing market challenges," Capri's founder and managing director Rajesh Sharma said.
Carlelo's chief executive Gaurav Aggarwal said the investment will enhance services and facilitate seamless car transfers by leveraging cutting-edge technologies.