Volkswagen Finance Pvt Ltd (VWFPL) India today announced that it has increased its shareholding in KUWY Technology Service Pvt Ltd by picking up a majority equity stake in the latter. This comes in succession to the first 25% equity stake investment, from September 2019. KUWY Technology offers an instant lending digital platform and through this acquisition, which came into effect on 5 January 2021, Volkswagen Finance will grow its New & Used Car Business through KUWY’s PAN India network on car financing.
VWFPL states that its association with KUWY will help improve its efficiency in processes and reduce the loan processing time. VWFPL will, however, continue to provide dealer funding and insurance products and services to the Volkswagen India Group dealer network.
With this acquisition, Volkswagen Finance aims to enhance the synergies with KUWY Technology and 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. Supporting the multi-brand approach of KUWY, we are still open to further investors – also under the new additional conditions, Aashish Deshpande, MD, and CEO of Volkswagen Finance Pvt Ltd, said.
KUWY has been advancing and refining our proprietary, purpose-built platform to provide significant benefits to our growing ecosystem of Dealers, DSA’s, Portals, Consumers, OEM’s, and Bank Partners. Our platform enables each of these constituents to benefit from enhanced access to each other and to our technology, resulting in a virtuous cycle of increasing engagement and value creation. We believe our ecosystem grows stronger with scale, B Ganesh Kumar, CEO – KUWY Technology Service Pvt. Ltd, added.
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