Volkswagen Finance picks up 25 per cent stake in Kuwy Technology Service

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Published: September 19, 2019 5:28:18 AM

The Volkswagen group, under its India 2.0 strategy, intends to merge all its passenger car entities namely Volkswagen India, Volkswagen Group Sales India and Skoda Auto India for faster decision making and increased efficiency using existing synergies.

Volkswagen, Volkswagen Finance, Kuwy Technology Service, industry newsThe alliance is in line with Volkswagen’s India 2.0 strategy focused to offer better value to consumer by improving the efficiency and reduce the loan processing time.

Mumbai-based Volkswagen Finance has acquired a 25% stake in Kuwy Technology Service, a Chennai-based instant lending digital platform. The strategic alliance, which came into effect from September 3, will help Volkswagen Finance gain access to Kuwy’s pan-India network and technology platforms on car financing. “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,” said Aashish Deshpande, MD & CEO, Volkswagen Finance.

The alliance is in line with Volkswagen’s India 2.0 strategy focused to offer better value to consumer by improving the efficiency and reduce the loan processing time. In addition; finance, insurance and warranty products for Volkswagen group customers would be made available on Kuwy’s platform.

The Volkswagen group, under its India 2.0 strategy, intends to merge all its passenger car entities namely Volkswagen India, Volkswagen Group Sales India and Skoda Auto India for faster decision making and increased efficiency using existing synergies.

B Ganesh Kumar, CEO, Kuwy Technology Service, said: “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 decision, 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.”

In April 2019, Gurpratap Boparai, MD, Volkswagen India & Skoda Auto India, said: “India is an important and attractive growth market for the Volkswagen Group. With the proposed merger, we intend to combine the technical and managerial expertise of the three companies to unlock the Volkswagen Group’s true potential in India’s competitive automotive market. The integration will lead to coordinated and faster decision making and increased efficiency using existing synergies.”

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