Cars24 elevates Divanshu Saxena as chief business officer for Loans24

GURUGRAM: Cars24 has promoted Divanshu Saxena to chief business officer for its financial services arm, loans24, handing him the brief to scale the lending business while keeping a tight grip on risk and returns. 

Based in Gurugram, Saxena will lead strategy, growth and execution at Cars24 Financial Services, the group’s NBFC platform, at a time when vehicle financing is becoming both more competitive and more tightly regulated. 

Saxena currently heads consumer financing at loans24 and has been central to building one of Cars24’s most profitable verticals. Under his watch, the lending business has posted steady gains in finance penetration, improved portfolio quality and a rising contribution from non-retail lending, all while maintaining disciplined unit economics. 

Known internally for a first-principles approach, Saxena combines strategic clarity with operational rigour. His focus on simplifying complex problems and building scalable systems has helped position loans24 as a fast-growing and resilient lender, competing with far larger banks and NBFCs. 

Co-founder and group CFO at Cars24, Ruchit Agarwal, said Saxena had played a pivotal role in shaping a “strong and institutionally sound” financial services business and would be key to the next phase of growth. 

Before joining Cars24, Saxena worked as a project leader at Boston consulting group, focusing on financial services and industrial goods. He is an alumnus of IIM Calcutta, where he graduated with institute rank three and a silver medal, and SRCC, University of Delhi. 

As Cars24 doubles down on vehicle financing, the promotion underlines a clear bet on home-grown leadership. In a capital-hungry lending market, steady hands now matter as much as speed.