Carzso And Meriemi Team Up For Offering Auto Finance

CarzSo - Virtual platform for Pre-owned Cars has recently entered into a strategic alliance with MeriEMI to offer auto loans at aggressive interest rates and disrupt the pre-owned car finance market in India. This alliance aims at building India’s first super store of pre-owned cars; the auto-tech startup also plans to launch a buyback option for customers which will be supported by MeriEMI.

The unorganised pre-owned car market in India is emerging as a big opportunity. According to statistics – the pre-owned car market in India stood at 3.8 million units, 1.5 times the new car market of 2.6 million units in FY 2021.

Vaibhav Sharma Founder and CEO of CarzSo said, “CarzSo was started with the concept of offering impeccable customer experience to those looking to buy pre-owned cars. The rising demand from Rural areas, Tier 2 and 3 cities due to the greater need for mobility with the extensive need of financing options has given us the impetus to enter this strategic alliance.”

We are a one-of-a-kind player in the auto-tech space that has achieved several milestones in a short span of time. We have successfully built a strong business presence in Rural areas, Tier 2 and Tier 3 cities, a market that other players have been unable to service. Hence, we look forward to disrupting and becoming the largest player in the pre-owned car market in India,” he added.

Deepak Khanna Director of MeriEMI said “CarzSo has sown the seeds in the unconventional market zones with their presence. Now, with this partnership with MeriEMI, will further build upon this business model.  This alliance aims to facilitate unbanked and underserved population having little or no access to finance, to fulfill their dream of owning a car,”

"MeriEMI using digitally-enabled agents channel will make car loans available and accessible. In addition, it strives to position itself as a one-stop platform for all car-related financing needs of   customers.”

As a part of the strategic tie-up Mr. Khanna, an experienced professional in the auto domain will also join CarzSo as Director Retail finance & Insurance and will take the responsibility of supporting the physical operations of the Startup. 

In 2021, CarzSo started scaling up its operations, even during this pandemic-led period the company continued to move on its growth trajectory and has been achieving 33% month on month growth.