Capri Global Holdings Private Limited (CHGL), the holding company for the NBFC firm Capri Global Capital Limited has acquired a 51 per cent stake in CarLelo in exchange for Rs 150 crore. The development will help CarLelo to strengthen its footprint nationally.
With this fresh influx of capital, CarLeLo will improve its presence, services and technology which will be utilised to acquire new customers. In addition to this, it will also work to improve the relationship with its customers.
The company is currently having 1,200 associates strategically placed across 34 cities in India who, the company claims, regularly interact with customers, delivering them end-to-end services for all their new vehicle-related needs. It also plans to handhold more than 8,000 authorised 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.
Emphasising 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 the 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 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."
Gaurav Aggarwal, the visionary CEO of CarLelo, expressed 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.”