Car subscription company Planet42 raised $100 million in an equity and debt

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Car subscription company Planet42 raised $100 million in an equity and debt

Car subscription company Planet42 raised $100 million in an equity and debt round from Naspers Foundry that co-led the $15M equity round alongside ARS Holdings where in equity existing and new shareholders, including Rivonia Road Capital also participated.

Planet42 assesses risk in underbanked customer segments using proprietary scoring algorithms. Customers can also use its algorithms to determine their budget and select new or pre-owned vehicles from Planet42’s dealership network. According to the company, the new financing, which consists of equity, credit facility, and debt, will allow it to rapidly scale its business and provide cars to people who are unable to obtain traditional car financing.

Sreejit Kumar
Sreejit Kumar
Hi, I'm Sreejit Kumar, a journalist with a Master's degree in Journalism. Through my education and professional experience, I have developed a keen eye for detail and a passion for uncovering the truth. As an author for this news website, I am committed to delivering accurate, timely, and engaging stories that inform and entertain our readers.

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Car subscription company Planet42 raised $100 million in an equity and debt round from Naspers Foundry that co-led the $15M equity round alongside ARS Holdings where in equity existing and new shareholders, including Rivonia Road Capital also participated.

Planet42 assesses risk in underbanked customer segments using proprietary scoring algorithms. Customers can also use its algorithms to determine their budget and select new or pre-owned vehicles from Planet42’s dealership network. According to the company, the new financing, which consists of equity, credit facility, and debt, will allow it to rapidly scale its business and provide cars to people who are unable to obtain traditional car financing.

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Sreejit Kumar
Sreejit Kumar
Hi, I'm Sreejit Kumar, a journalist with a Master's degree in Journalism. Through my education and professional experience, I have developed a keen eye for detail and a passion for uncovering the truth. As an author for this news website, I am committed to delivering accurate, timely, and engaging stories that inform and entertain our readers.

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