Volkswagen Financial Services- 24 Oct 2019

Volkswagen Finance picks up 25% stake in Kuwy Technology

Highlights

  • The strategic alliance is in line with Volkswagen’s India 2.0 strategy focused to offer better value to the consumer
  • VWFPL will now have access to Kuwy’s PAN India network on car financing
  • The key objectives of the alliance will be
    • Kuwy will provide access to VWFPL India to its:
      • Technology and platform (www.kuwy.in)
      • Share expertise on Used Car financing
      • Access to the Kuwy network
    • VWFPL will also provide Kuwy with:
      • Access to VWFPL India’s network
      • Support the growth of Kuwy to a PAN India digital platform
      • Potential access to VWFPL network in other countries

 

MUMBAI, October 24, 2019: Volkswagen Finance Pvt. Ltd. (VWFPL) India has recently entered into a strategic alliance with Kuwy Technology Service Pvt Ltd. by picking up a 25% equity stake in the latter. Kuwy Technology is one of India’s leading instant lending digital platforms and through this alliance, which was signed on 10th of September and came into effect on 10th of October, VWFPL will now have access to Kuwy’s PAN India network on car financing. The acquisition is in line with the India 2.0 strategy of VWFPL in a quest to offer better value to the consumer.

Speaking on the development, Mr. Aashish Deshpande, MD and CEO of VWFPL said, “At VWFPL we always try to add more value to our offerings and this association is a step towards the evolution of the consumer journey in the digital space. The aim is to offer a simplified and agile solution to our customers. Through this association VWFPL will now have access to Kuwy’s PAN India network and technology platforms and share expertise on used car financing.”

VWFPL’s association with Kuwy will help improve efficiency in processes and reduce the loan processing time, making it a win-win for both dealers and customers. The alliance will also offer finance, insurance and warranty products for Volkswagen group customers on the Kuwy platform.

“Kuwy uses the 3 pillars of Product, Technology and Network to run its automotive instant lending platform, to provide instant access to credit, automated credit decisioning, paperless and on demand transactions. We are confident of delivering comprehensive digital solutions to the VWFPL network and aiming for a mutual growth in the digital space” added Mr. B. Ganesh Kumar, CEO – Kuwy Technology Service Pvt. Ltd.

About Kuwy Technology Service Pvt. Ltd.
Kuwy is an Automotive FinTech Company, powering Instant Lending across Point of Sale. Kuwy connects borrowers to lenders and uses its “Click & Drive” Technology to Digitize each step of the Loan Origination Process and has the Largest and Most trusted Dealer/Lender network to grow loan originations and digital retailing. Headquartered in Chennai, India, Kuwy employs over 72 people across 70 locations.

Image: Standing from Left to Right
Mr. Alexander Bargstaedt (VWFS), Mr. Aashish Deshpande (MD & CEO, VWFS), Mr. S. Yogeshwaran (Co-founder & Director, Kuwy), Mr. B Ganesh Kumar (MD & CEO, Kuwy), Mr. Goekhan Cinar (MD & CFO, VWFS), Mr. Sanket Desai (VWFS), Mr. Praveen Naruka (VWFS)

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