BusinessWire India
Hyderabad (Telangana) [India], December 17: Pennant Technologies, an agile and innovative financial technology company, today announced that its client — CARS24, a leading digital automotive marketplace — has successfully transformed its lending operations by implementing pennApps Lending Factory (PLF), a cloud-native, digital-first loan servicing platform. This large-scale transformation marks a significant milestone in CARS24’s digital journey, enabling 100% digital loan servicing, enhanced operational agility, and seamless customer experiences.
Addressing Key Challenges in Lending Modernisation
As CARS24’s lending business scaled rapidly, its legacy loan servicing systems began creating operational challenges. Manual workflows across disbursements, repayments, and customer communications caused inefficiencies and limited scalability. The platform’s rigid architecture restricted new product launches, while minimal automation made it difficult for a lean team to manage growing loan volumes efficiently.
To overcome these constraints, CARS24 required a modern, digital-first, and scalable loan servicing platform, one capable of ensuring operational stability, faster time-to-market, and improved customer engagement.
Strategic Digital Transformation and Enterprise-Scale Data Migration
In collaboration with Pennant Technologies, CARS24 embarked on an enterprise-grade transformation program. The initiative involved deploying pennApps Lending Factory, a composable, API-first, and cloud-native loan management platform designed for high-growth digital lenders.
A major highlight of the engagement was the large-scale migration of lending and servicing data from the legacy system and partner platforms into a unified, integrated environment, ensuring data integrity, operational continuity, and lifecycle transparency.
The platform integrates seamlessly with CARS24’s loan origination, collections, CRM, and payment systems, demonstrating Pennant’s strong integration, customisation, and interoperability capabilities that support complex enterprise ecosystems without compromising stability or performance.
“Our partnership with Pennant Technologies has been instrumental in re-architecting our servicing operations,” said Ruchit Agarwal, Co-Founder & Group CFO, CARS24. “The new digital lending platform provides the scalability, flexibility, and speed required to deliver superior customer experiences and drive innovation across our lending business.”
Next-Generation, Cloud-Native Lending Infrastructure
The pennApps Lending Factory platform delivers enterprise-grade stability, scalability, and resilience, transforming CARS24’s loan servicing into a fully automated, data-driven model. It introduces flexible repayment management, configurable disbursement controls, multi-party authorisation, and omnichannel communication automation, all designed to enhance customer engagement and compliance.
The platform’s cloud-native architecture ensures high performance, business continuity, and nationwide scalability, while asset-centric servicing and API-integrated collections enable smarter loan lifecycle management.
“We are proud to partner with CARS24 on this landmark digital transformation,” said Rama Krishna Raju, Founding Director & CEO, Pennant Technologies. “The implementation of pennApps Lending Factory showcases how cloud-native, API-first fintech platforms can deliver enterprise-level scalability, configurability, and operational resilience for digital-first financial institutions.”
Transformation Outcomes and Strategic Impact
Through this implementation, CARS24 achieved a fully digital, end-to-end loan servicing model, processing large transaction volumes with minimal manual intervention. The platform has significantly improved operational efficiency, strengthened compliance controls, and enhanced scalability to support CARS24’s future growth strategy.
The success reinforces Pennant Technologies’ proven capability to deliver stable, scalable, and customised fintech solutions that enable banks, financial institutions, non-bank finance companies (NBFCs) and digital lenders to modernise lending operations, accelerate innovation, and unlock new business opportunities.
With this milestone, Pennant Technologies reaffirms its position as a trusted transformation partner for financial institutions worldwide empowering them to digitise lending, enhance customer experiences, and thrive in a data-driven, AI-ready, digital-first financial ecosystem.
For more information on pennApps Lending Factory’s Loan Management System, please visit: https://www.pennanttech.com/loan-management-system/
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