End to End Digital Loan Processing
Press Release
Volkswagen Finance acquires majority stake in KUWY
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.
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Volkswagen Finance picks up 25 percent stake Kuwy
Volkswagen Finance Pvt Ltd, incorporated in 2009 is a Mumbai based company, which is owned by Germany’s Volkswagen (VW) financial services AG. The Company has confirmed the news of acquiring 25% stake in Kuwy Technology Service Pvt Ltd. Through this strategic alliance, VW Finance will be able to access Kuwy’s Pan-India footprint which will, in turn, consolidate the car financing network in the domestic market.
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Hassle-free, paper-less loans for used-vehicles
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. They borrowed from family and friends or went to the informal sector, paying usurious rates of interest. Lack of penetration of formal credit was also why the used-vehicles segment was not growing as fast as it ought to.
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