meriEMI Finances Car Loans Worth Rs. 250 Cr. In FY23
End to End car financing aggregator, meriEMI records Rs. 250 crore of financing in the auto sector during FY2023 and projects to finance Rs. 300 to Rs. 350 cr.. of car loans in the ongoing fiscal. The company’s growth is backed by its positive cash flow and improved technology infrastructure attributed to the funding round it plans to close during FY2024.
The Indian auto industry is growing at a CAGR of 10 per cent yet still lags in automation and digitisation of customers’ financing needs. Traditionally, the process has been difficult for customers involving multiple trips to the bank branch and extensive paperwork. Considering the market backdrop, meriEMI leverages technology to digitise the car financing needs of the average middle-class segment who struggle to get a car loan, especially in Tier 2 and 3 cities.
Commenting on the milestone, Deepak Khanna, Director at meriEMI said, “Car loan segment is highly fragmented and we envision organising it by providing the best bank offer under one roof. We strive to spread our outlets to reach the maximum number of customers in Tier 2 and 3 cities and help them get access to the best loan offers. Further, with our mediation, we intend to reduce the risk for the banks as we follow complete procedural compliance.”
meriEMI brings multiple bank offers to match consumer needs under one roof. The go-to car loan platform saves the consumer from the hassle of non–ending visits to various banks as it has tied up with various banks to streamline and ease the accessibility of car loans.
“Today and in the future as well we work in tandem with banks. Hence, we are able to get better interest rates that we happily pass on to our clients. Banking partners trust us as our clients are so connected with us that our defaulter list is less than 1 per cent thus giving us huge credibility,” he added.
The platform is working aggressively on its growth strategy and looking to raise funds in FY2024, with plans to allocate the funds to strengthen the technology team and aggressively grow business staying cash flow positive.
