Oct 24, 2019
Image: Standing from Left to Right
Mr. Alexander Bargstaedt (VWFS), Mr. Aashish Deshpande (MD & CEO, VWFS), Mr. S. Yogeshwaran (Co-founder & Director, Kuwy), Mr. B Ganesh Kumar (MD & CEO, Kuwy), Mr. Goekhan Cinar (MD & CFO, VWFS), Mr. Sanket Desai (VWFS), Mr. Praveen Naruka (VWFS)
MUMBAI, October 24, 2019: 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.
Speaking on the development, Mr. Aashish Deshpande, MD and CEO of VWFPL said, “At VWFPL we always try to add more value to our offerings and this association is a step towards the evolution of the consumer journey in the digital space. 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.”
VWFPL’s association with Kuwy will help improve efficiency in processes and reduce the loan processing time, making it a win-win for both dealers and customers. The alliance will also offer finance, insurance and warranty products for Volkswagen group customers on the Kuwy platform.
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 decisioning, 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” added Mr. B. Ganesh Kumar, CEO – Kuwy Technology Service Pvt. Ltd.
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