- This alliance is in line with the Volkswagen group’s - India 2.0 strategy, focused on offering added value to its consumer through digitisation of processes
- Volkswagen Finance has increased its shareholding in KUWY Technology to a majority stake
Volkswagen Finance Pvt. Ltd. (VWFPL) India has increased its shareholding in KUWY Technology Service Pvt Ltd. by picking up a majority equity stake in the latter.
KUWY Technology is one of India’s instant lending digital platforms and with this acquisition Volkswagen Finance will grow its new and used car business through KUWY’s pan India car financing network.
Also, VWFPL’s association with KUWY will help improve efficiency in processes and reduce the loan processing time, making it a win-win situation for both dealers and customers. VWFPL will, however, continue to provide dealer funding, insurance products, and services to the Volkswagen India Group dealer network.
Speaking on the development, Aashish Deshpande, MD and CEO, Volkswagen Finance, said, “Our investment in KUWY is strategic in nature as we intend to make KUWY an important part of our India strategy. With this acquisition, we aim to make KUWY the face of VWFPL in India for retail financing business. This is a step towards the evolution of the consumer journey in the digital space by offering a simplified and agile solution to our customers. Through this association VWFPL will grow its new and used car business through KUWY’s pan India network and technology platforms.”
