Mumbai, Dec. 22 -- CARS24 has announced the promotion of Divanshu Saxena to Chief Business Officer (CBO) of its NBFC arm, CARS24 Financial Services.

In his new role, Saxena will oversee the strategy, growth and execution of the financial services division. His responsibilities include scaling lending operations, managing risk and maintaining profitability as the company develops its financial services platform.

Saxena previously managed the consumer financing business for LOANS24. During his tenure, the division recorded growth in finance penetration and contributions from non-retail lending. The company noted that his work focused on unit economics and portfolio quality.

Ruchit Agarwal, Co-Founder & Group CFO, CARS24, said, "Divanshu ...