CARS24 Financial Services, an NBFC that specializes in car financing and is a wholly owned subsidiary of CARS24, has revealed a strategic collaboration with Credgenics, a technology platform focused on debt collections and resolution, which operates on a Software as a Service (SaaS) model.
CARS24 Financial Services is a subsidiary of CARS24, India’s leading online platform for buying and selling used cars. The financial services arm offers a range of loan products to customers looking to purchase used cars, including financing options and insurance services. With a focus on convenience and transparency, CARS24 Financial Services aims to simplify the car buying process and provide customers with affordable financing solutions.
Credgenics, on the other hand, is a fintech startup that specializes in debt resolution and collection services. The company leverages technology to streamline debt collection processes and improve recovery rates for creditors. Credgenics offers a range of services, including debt monitoring, collection analytics, and legal support, to help creditors manage and recover debts more effectively.
The partnership between the two companies aims to streamline the entire car ownership journey for customers, according to a recent announcement. CARS24 Financial Services and Credgenics have joined forces to integrate Credgenics’ innovative SaaS platform into the former’s operations.
This collaboration brings forth a comprehensive solution that not only provides valuable data insights but also offers strategic recommendations and facilitates a digital-first approach to customer communications. With a focus on enhancing operational efficiency and delivering personalized services, the integrated platform covers various aspects of the collection’s lifecycle.
By harnessing the power of workflow automation, integrated communications, and advanced machine learning capabilities, CARS24 Financial Services aims to transition from traditional methods to a data-oriented model. Ruchit Agarwal, Co-Founder & Chief Financial Officer at CARS24, expressed enthusiasm about the partnership, emphasizing its role in improving debt financing experiences for customers.
Similarly, Rishabh Goel, the Co-Founder and CEO of Credgenics, emphasized the revolutionary influence of digitalization on the Indian car financing sector, emphasizing the importance of their partnership in spearheading this transformation. He emphasized that their collaboration is playing a pivotal role in reshaping the car financing landscape in India, illustrating the profound impact of digitalization on the industry.
