OLX India and IDFC FIRST Bank Partner to launch Used-Car Loans

OLX India, one of India's leading online classifieds marketplaces and part of CarTrade Tech Limited, announced its partnership with IDFC FIRST Bank to launch a used-car loan offering for OLX India users.

The partnership brings together OLX India, India's large base of used-car buyers and sellers with IDFC FIRST Bank's vehicle financing capabilities to offer eligible customers a differentiated loan proposition curated for OLX India users. OLX India engages with approximately 3 million used-car sellers and 20 million used-car buyers annually across its platforms. The offering is designed to make used-car financing more relevant, accessible and aligned to the needs of digital-first customers.

India's used-car market is entering a strong growth phase, driven by rising demand for affordable mobility, increasing digital discovery and growing consumer preference for valueled vehicle ownership. The market has already crossed nearly 5.9 million annual transactions and is projected to approach 9.5 million transactions by 2030, representing a 4-5 lakh-crore transaction opportunity. With CarTrade Tech's consumer marketplaces hosting more than 63% of India's online used-car listings, OLX India is well positioned to help unlock the next phase of growth in this ecosystem.

Despite the scale of the opportunity, access to simple, timely and transparent financing remains one of the key enablers in converting used-car purchase intent into completed transactions. Organized and digital financing in used cars continues to have significant room for growth, especially as more consumers begin their used-car discovery journey online.

The digital-led journey is designed to reduce traditional friction in the used-car financing process, enabling users to evaluate affordability faster, make informed decisions and move towards purchase with greater confidence.

Speaking on the launch, Diya Sanghi, President - Corporate Finance at CarTrade Tech, said, "OLX India has always been the preferred destination for used-car buyers and sellers across India. With IDFC FIRST Bank, we are now bringing a specially curated finance offering to OLX India users, making the used-car buying journey more seamless, affordable and transactionready. This partnership is an important step in our journey from discovery to transaction enablement."

Mr. Rishi Kant Mishra, Business Head-Vehicle, Education and Consumer Durable Loans, Vehicle Loans, IDFC FIRST Bank, said, "In line with the banks customer first philosophy and focus on used cars business we have crafted seamless onboarding journey for OLX India customers. We see this partnership with OLX India as an extremely promising one given high velocity of customers visiting the platform and the bank`s ability to fulfill the customers affordability needs with great speed."

The partnership is aligned with CarTrade Tech's broader strategy of building a technology-led, asset-light ecosystem that enables discovery, trust, affordability and transactions across India's used-vehicle market.

Shares of CarTrade Tech Ltd was last trading in BSE at Rs. 2693.15 as compared to the previous close of Rs. 2601.20. The total number of shares traded during the day was 34084 in over 2792 trades.

The stock hit an intraday high of Rs. 2735.00 and intraday low of 2601.20. The net turnover during the day was Rs. 91788591.00.

Source : Equity Bulls

Keywords

CarTradeTech OLXIndia Partnership IDFCFirstBank