Volkswagen Finance acquires majority stake in KUWY Tech for undisclosed sum

Volkswagen Finance Pvt. Ltd. (VWFPL)India, a part of Volkswagen Monetary Providers, has elevated its shareholding in Chennai-based KUWY Expertise Service Pvt Ltd. (KWY) by selecting up a majority stake within the latter. The corporate didn’t disclose the worth of the deal and different particulars.

VWFL first picked up a 25 per cent stake within the firm in September 2019.

KUWY is an on the spot lending digital platform and thru this acquisition Volkswagen Finance Pvt Ltd will develop its new & used automobile enterprise by way of KUWY’s pan India community on automobile financing. The acquisition can also be consistent with the Volkswagen Group’s – India 2.0 technique of VWFPL in its quest to supply added worth to its shoppers by way of digital channels.

Aashish Deshpande, MD and CEO of Volkswagen Finance Pvt Ltd mentioned, “Our funding in KUWY is strategic in nature as we intend to make KUWY an vital a part of our India technique. With this acquisition, we intention to reinforce the synergies with KUWY Expertise and make KUWY the face of VWFPL in India for retail financing enterprise. This can be a step in the direction of the evolution of the patron journey within the digital area by providing a simplified and agile resolution to our prospects.Via this affiliation VWFPL will develop its New and Used Automobile enterprise by way of KUWY’s PAN India community and know-how platforms.Supporting the multi-brand strategy of KUWY, we’re nonetheless open to additional traders – additionally underneath the brand new extra circumstances.”

VWFPL’s affiliation with KUWY will assist enhance effectivity in processes and scale back the mortgage processing time making it a win-win for each sellers and prospects. VWFPL will nevertheless, proceed to offer seller funding & insurance coverage services to the Volkswagen India Group seller community.

“KUWY is the No.1 Automotive Retail Fintech Platform for New & Used Vehicles in India and have been advancing and refining our proprietary, purpose-built platform to offer important advantages to our rising ecosystem of Sellers, DSA’s, Portals, Customers, OEM’s and Financial institution Companions. Our platform allows every of those constituents to profit from enhanced entry to one another and to our know-how, leading to a virtuous cycle of accelerating engagement and worth creation. We imagine our ecosystem grows stronger with scale,” added B Ganesh Kumar, CEO – KUWY Expertise Service Pvt Ltd.

VWFPL, integrated in 2009 and headquartered in Mumbai, is owned by Volkswagen Monetary Providers AG, Germany. Volkswagen Monetary Providers (‘VWFS’) AG is a wholly-owned subsidiary of Volkswagen AG and has its headquarters in Braunschweig, Germany. Volkswagen Monetary Providers is a enterprise division of the Volkswagen AG group of companies.

KUWY is an Automotive FinTech Firm, powering Prompt Lending throughout Level of Sale. KUWY connects debtors to lenders and makes use of its “Click on & Drive” Expertise to Digitize every step of the Mortgage Origination Course of and has the biggest and most trusted Seller/Lender community to develop mortgage originations and digital retailing. Headquartered in Chennai KUWY employs over 154 individuals throughout 350 areas.

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