Press Release

Mahindra Finance launches ‘Used Car Digi Loans’ in partnership

with Car&Bike and Rupyy
 Used Car Digi loans set to provide a seamless experience to customers and
partners for used car loans
 To facilitate faster loan application and disbursal and provide the partner with
real-time visibility of the application and sanctioned loan offer

Mumbai, March 3, 2023: Mahindra & Mahindra Financial Services Limited, (MMFSL),
part of the Mahindra Group, and one of India’s leading Non-Banking Finance
Company, today launched a specialized end-to-end digital journey named ‘Used Car
Digi Loans’. This offering has been launched in association with Car&Bike (by
Mahindra First Choice Wheels) & Rupyy (by Cardekho), the leading brands in the used
car industry.

With the help of this new integrated journey, customers will be able to get customized
loan offers from Mahindra Finance, enabling them to take faster buying decisions.

The integrated system will be able to seamlessly initiate the loan application procedure
with Mahindra Finance thus making the process quick and convenient for the
customer. ‘Used car Digi loans’ has the capability of successfully disbursing loans
within few hours with the help of specialized underwriting & processing teams,
equipped with 15 state-of-the-art fintech tools. Partners will have a real-time visibility
of the application status and sanctioned loan offer allowing them to delight their
customers with swift vehicle delivery.

Ramesh Iyer, Vice Chairman & Managing Director, Mahindra Finance said,
“Mahindra Finance has been at the forefront of innovative product offerings and this
venture is another step in that direction. Our partnership with Car&Bike and Rupyy will
enable us to leverage on market strengths to create a digitally empowered platform.
This integration will ensure a seamless and transparent journey for all stakeholders
enhancing customer delight”.

Ashutosh Pandey, MD & CEO Mahindra First Choice Wheels mentioned, “We are
pleased to start a new chapter in our ongoing relationship with Mahindra Finance. The
new digitized journey will ensure an agile turnaround time thus enabling us to serve
our customers better and further benefit our network partners”.

Regd. Office: Gateway Building, Apollo Bunder, Mumbai 400 001 India. | CIN No. L65921MH1991PLC059642
Tel: +91 22 2289 5500 | Fax: +91 22 2287 5485 | www.mahindrafinance.com | Email: [email protected]
Namit Jain, CEO and Co-Founder Cardekho Group said, “We are looking forward
to our collaboration with Mahindra Finance. With this partnership we plan to capitalize
on Mahindra Finance’s rich expertise and experience in vehicle financing. This
collaboration will help us to further expand our geographical reach across India and
facilitate our customers and dealers with best loan offers and create a digitized and
hassle-free used car loan journey for all our stakeholders”.

About Mahindra & Mahindra Financial Services Limited

Mahindra & Mahindra Financial Services Limited (Mahindra Finance), part of the
Mahindra Group, is one of India’s leading non-banking finance companies. Focused
on the rural and semi-urban sector, the Company has over 8.7 million customers and
has an AUM of over USD 11 Billion. The Company is a leading vehicle and tractor
financier, provides loans to SMEs and also offers fixed deposits. The Company has
1,386 offices and reaches out to customers spread over 3,80,000 villages and 7,000
towns across the country.

Mahindra Finance has been ranked 54th among India’s Best Companies to Work 2021
by Great Place to Work Institute.

Mahindra Insurance Brokers Limited (MIBL), the Company's Insurance Broking

subsidiary, is a licensed Composite Broker providing Direct and Reinsurance broking
services.

Mahindra Rural Housing Finance Limited (MRHFL) a subsidiary of Mahindra Finance

provides loans for purchase, renovation, construction of houses to individuals in the
rural and semi-urban areas of the country.

Mahindra Finance CSR Foundation is a wholly owned subsidiary company, under the
provisions of section 8 of the Companies Act, 2013 for undertaking the CSR activities
of the Company and its subsidiaries.

Mahindra Manulife Investment Management Private Limited (formerly known as

Mahindra Asset Management Company Private Limited) acts as the Investment
Manager of Mahindra Manulife Mutual Fund (formerly known as Mahindra Mutual
Fund).

Mahindra Manulife Trustee Private Limited (MMTPL), (formerly known as Mahindra

Trustee Company Private Limited) acts as a Trustee to Mahindra Manulife Mutual
Fund (formerly known as Mahindra Mutual Fund).

Mahindra Ideal Finance Limited (MIFL) is a subsidiary of the Company in Sri Lanka,
in which the Company owns 58.2% stake. MIFL focuses on providing a diversified
suite of financial services to the Sri Lankan market.
The Company has a Joint Venture in the US, Mahindra Finance USA LLC, in
partnership with De Lage Landen, a subsidiary of Rabo Bank, for financing Mahindra
vehicles in the US.

Learn more about Mahindra Finance on www.mahindrafinance.com / Twitter and

Facebook: @MahindraFin

About Mahindra

Founded in 1945, the Mahindra Group is one of the largest and most admired
multinational federation of companies with 260,000 employees in over 100 countries.
It enjoys a leadership position in farm equipment, utility vehicles, information
technology and financial services in India and is the world’s largest tractor company
by volume. It has a strong presence in renewable energy, agriculture, logistics,
hospitality, and real estate. The Mahindra Group has a clear focus on leading ESG
globally, enabling rural prosperity and enhancing urban living, with a goal to drive
positive change in the lives of communities and stakeholders to enable them to Rise.

Learn more about Mahindra on www.mahindra.com/ Twitter and Facebook:

@MahindraRise/ For updates subscribe to https://www.mahindra.com/news-room

About Mahindra First Choice Wheels

Mahindra First Choice Wheels is a dominant player in the Indian used vehicle
eco system providing products and services to cater to the needs of retail and
wholesale customers utilizing its “on-the ground” and “in-the-cloud” capabilities.
The company has raised funding from Silicon Valley based Hedge Fund, Valiant
Capital and Cox Automotive, a $17 Billion US based enterprise.

About car&bike:

car&bike is a leading auto technology platform with a focus to build India’s largest
hyper-local integrated platform for content and commerce. The platform has been built
on path-breaking auto programming, intensive coverage of global automobile news
and the largest used car range with exclusive online booking of 5000+ cars across
300+ cities. In a short span of time, c&b has clearly established itself as one of the top
auto-portal in the country and the fastest growing used car brand by far. The business
offers technology solutions to all the stakeholders of the automotive industry at various
points of buy and sell value chain. car&bike was recently acquired by Mahindra First
Choice Wheels Limited, India’s leading player in the used car vehicle ecosystem.

About CarDekho Group

CarDekho Group is India’s biggest digital automotive solutions provider that supports
the car buyers at all stages of their personal mobility journey. CarDekho Group is the
first Jaipur based unicorn and is India’s leading auto-tech company, fulfilling
consumers' mobility dreams on the strength of technology and by digitizing the entire
consumer journey in the auto ecosystem.

About Rupyy
Rupyy is a new-age fintech brand, backed by CarDekho Group. Rupyy offers an end-
to-end digital platform designed to make the entire loan journey paperless and
convenient through state-of-the-art tech stack, where it promises to introduce a whole
new world of financing to its users. The experience incorporates a digital QR-code
based onboarding journey at car dealers / finance distributors. Consumers can avail a
self-help journey through this QR-code, including video-KYC, e-NACH and e-
Agreement to get their loan sanctioned at the Point of Sale in just a few minutes. Rupyy
has expanded its reach to more than 150 locations across India, aiming to penetrate
and deliver its services in the smallest of the potential markets.

Media Contacts:

Mohan Nair
Head – Communications
Mahindra & Mahindra Financial Services Limited
E-mail: [email protected]
Mobile #: +91 9004012237

Abhishek Agarwal
Head – Marketing & Communication
Mahindra First Choice Wheels
Email: [email protected]
Mobile #: +91-8600927872

Akshay Kaushal
Associate Director - Public Relations
Cardekho Group
Email: [email protected]
Mobile #: +91-9909909956

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