Partnership · Commerce & Consumer Brands

CARS24 digitises loan servicing with Pennant platform

By Startup Enthusiast · 18 December 2025

What they do

CARS24 is a digital marketplace for buying and selling used cars, new cars, and loans

It deployed Pennant Technologies' cloud-native loan management platform to fully digitise loan servicing

The platform integrates loan origination, collections, CRM, and payments into a single system

CARS24 fully digitised its loan servicing using Pennant Technologies' cloud-native platform.
Pennant Technologies deployed the pennApps Lending Factory (PLF), a cloud-native, API-first loan management platform.
Data from legacy systems and partner platforms was migrated into a single integrated environment.
PLF integrates with CARS24's loan origination, collections, CRM, and payment systems.
CARS24 achieved fully digital, end-to-end loan servicing with minimal manual intervention.
The platform processes large transaction volumes with minimal manual intervention.

CARS24's lending business scaled rapidly, causing operational challenges with legacy systems.
The new platform supports CARS24's future growth strategy with improved scalability.

CARS24 is a digital automotive marketplace for buying and selling used cars, car loans, new cars, and challan payments.
Its lending business scaled rapidly, causing operational challenges with legacy systems.
The platform processes large transaction volumes with minimal manual intervention.

The platform supports CARS24's future growth strategy with improved scalability.

Product: An online platform for used-car buying, selling, and related lending services.
Customers: Consumers and dealers transacting in used cars.
How it makes money: It earns from vehicle sales, marketplace transactions, and financing-related services.
What sets it apart: Uses AI to improve operating efficiency and support growth.
Operations: Operates across multiple countries and runs auction and retail businesses in India.