Capri Global Holdings, the holding company of Capri Loans, a listed non-banking financial company (NBFC), has reportedly purchased a 51% stake in CarLelo, an online new car marketplace, for INR 150 crore. The acquisition aims to enable Capri to cross-sell sales and financing services on the new car platform, while CarLelo plans to utilize the funding to expand its geographical reach and dealership count.
Rajesh Sharma, MD and founder of Capri Global Holdings, emphasized the company’s commitment to driving the growth of the online new car sales and financing market. Capri Loans aims to target customer needs and sees the investment as an opportunity to foster expansion in the online new car sales market.
CarLelo, founded in 2013 by Gaurav Aggarwal, is an online platform for new car sales that also offers car loans and partners with various banks and NBFCs. Following the acquisition, CarLelo will enhance its presence, services, and technology to improve customer acquisition. The company plans to support approximately 8,000 authorized dealerships in India to enhance the customer experience on CarLelo, with the goal of selling 7,000-8,000 cars per month.
Capri Loans has seen car loans emerge as a significant variable, originating INR 6,013.3 crore in new car loans during the financial year ending March 31, 2023. The company also reported a net contribution of INR 117.9 crore from the car loans vertical. The acquisition of CarLelo will provide Capri with access to a customer base seeking car loans, creating synergy between the two companies.
With this strategic investment, Capri Global Holdings aims to expand its foothold in the online new car sales and financing market, leveraging CarLelo’s platform and customer base. As the demand for new cars and financing options continues to grow in India, this acquisition positions Capri to tap into the market’s potential and strengthen its position in the automotive lending industry.
