Volkswagen Finance picks up 25% stake in Kuwy Technology
MUMBAI, September 19, 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 platform and through this alliance which came into effect on September 3, 2019, Volkswagen Finance Pvt Ltd will now have access to Kuwy’s PAN India network on car financing. The acquisition of stake is also 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 Volkswagen Finance Pvt. Ltd. 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 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.