Capri Global Holdings (CGHL) has acquired 51 percent stake in CarLelo, an online multi-brand new car selling platform for a strategic investment of Rs 150 crore.

This the company says 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 had disbursed 60,000 car loans in the last financial year.

Rajesh Sharma, MD & Founder, Capri Global Holdings said, “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. Through our partnership with CarLelo, we aim to cater to the ever-evolving needs and requirements of customers across the nation.”

Capri Loans says it recognises 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.

CarLeLo will utilise the investment to improve its presence, services and technology to acquire new customers. Currently it has 1,200 associates across 34 cities in India offering end-to-end services to customers for all new vehicle-related needs. In addition, the company will also handhold more than 8,000 authorised dealerships in the country to enhance customers’ digital buying and selling experience.

Lastly, the platform 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. At present, the online platform has a catalogue of 32 brands, 265 models and 1,700 variants.

Gaurav Aggarwal, CEO, CarLelo said, “With the increasing prominence of digital sales and the anticipated rise to an 80 percent 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.”