The Covid pandemic has accelerated demand for new and used cars. As the prices of new cars were on the rise, in spite of supply constraints and long waiting periods, customers turned to the used car market in a big way. Even in this segment, everything was not easy and fast. Instant and paperless finance was very hard to come by.
The Automotive industry is at the inflection point and poised to grow with new segments of customers coming into the fray. Kuwy, a prominent used car finance start-up, holding 5% market share, has catalysed business expansion by driving efficiency and transparency.
Online car sales is gaining rapid traction in India. We're committed to helping our channel partners sell and finance cars to their customers entirely online through technology innovation," said B. GaneshKumar , CEO, and Co-founder of Kuwy.
As the world journeys towards a future driven by technology, innovation and creativity, Kuwy has emerged an organisation committed to lead transformation in mobility. In a short span of time, the organisation has witnessed massive growth and come to control 5% of India's used car finance market.
Kuwy controls 5% of India's used car finance market by helping car dealers succeed in the new mobile-first economy by selling and financing a car to a customer online.
The new lending-as-a-service platform will allow car manufacturers, dealers, aggregator platforms and lenders to offer digital retailing to their customers Riding on the ongoing digital wave and growing preference for online car purchases, Volkswagen Finance-backed automotive fintech platform Kuwy on Thursday launched ‘KUWYLaaS’, an end-to-end digital lending service for online car trading platforms.
Automotive FinTech start-up KUWY has impacted the online car financing landscape by introducing automation into the process. Co-Founded in 2017 by MD & CEO, B Ganesh Kumar, the organization has integrated innovation with market needs, to offer effective and efficient borrowing options. We learn more in conversation with Ganesh Kumar, the dynamic leader at the helm of the enterprise.
Although a comparatively new entrant in the business, KUWY has managed to snag a coveted position in the tightly contested industry. Since inception in 2017, the automotive instant leading platform has partnered with some of largest and most trusted dealers and lenders, to connect consumers with the best loans and vehicles.
Volkswagen Finance Pvt. Ltd. (VWFPL)India, part of Volkswagen Financial Services, has increased its shareholding in Chennai-based KUWY Technology Service Pvt Ltd. (KUWY) by picking up a majority stake in the latter. The company did not disclose the value of the deal and other details.
Volkswagen Finance Pvt. Ltd. (VWFPL) India has recently entered into a strategic alliance with Kuwy Technology Service Pvt Ltd. by picking up a 25% equity stake in the latter. Kuwy Technology is one of India’s leading instant lending digital platforms and through this alliance, which was signed on 10th of September and came into effect on 10th of October, VWFPL will now have access to Kuwy’s PAN India network on car financing. The acquisition is in line with the India 2.0 strategy of VWFPL in a quest to offer better value to the consumer.
Chennai-based Kuwy Technology arranges loan approvals in 5 minutes flat With over two decades of experience in the automotive industry, either selling components or two-wheelers or used-vehicles, B Ganesh Kumar, CEO, Kuwy Technology Service Pvt Ltd, knows a thing or two about the used-vehicles business. He understood that getting loans was one of the biggest hurdles that those buying used-vehicles had to face.