The push for car subscription growth in SA and beyond is the focus of this edition of the Business Day Spotlight.
Our host Mudiwa Gavaza is joined by Grant Wing, SA MD and country manager of Planet42.
This week the start-up revealed it had raised a massive $100m (R1.8bn) in new funding through a mixture of equity and debt financing. This is to be used for Planet42’s growth in SA and expansion into new markets.
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Founded in 2017, Planet42 is an artificial intelligence (AI)-based car subscription platform. The company aims to address transport inequality by offering an inclusive car subscription service to customers who typically cannot access traditional bank credit.
Wing says the struggle for credit, particularly for car finance, has been an ongoing challenge for millions of people in SA.
He also talks about the company’s plans for growth in emerging market countries which face similar car financing challenges .
The discussion centres on the company’s recent fund raise; how the funds are to be used; growth prospects; the car subscriptions business model; Planet42’s differentiation in the market; how the business works for customers and suppliers; and pitfalls with traditional vehicle financing.
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