Volkswagon Finance Pvt. Ltd. India, acquired a 25 per cent stake in KUWY Technology Service as early as in September 2019. Following this, it has now increased its shareholding in this Chennai based company. The value of the deal remains unknown.
KUWY’S pan India network on car financing is supposed to act as an aid for Volkswagon to be able to expand its business. This acquisition stands corresponding to the Volkswagon Group’s India 2.0 strategy which aims at adding value to its customers via digital channels and KUWY being an instant lending digital platform accelerates the process of attaining its targets.
KUWY is a platform that through its “Click & Drive” technology connects lenders and borrowers. It employs more than 154 people across 350 regions and has proved its worthiness in its business lifespan.
“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 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. Through this association, VWFPL will grow its New and Used Car business through KUWY’s PAN India network and technology platforms. Supporting the multi -The brand approach of KUWY, we are still open to further investors – also under the new additional conditions,” said Aashish Deshpande, MD and CEO of Volkswagen Finance Pvt Ltd.