Volkswagen Finance acquires 25% stake in Kuwy Technology

Volkswagen Finance, the financial arm of the Volkswagen Group in India, on Wednesday said it has acquired 25 per cent stake in fintech company Kuwy Technology for an undisclosed sum. Besides other benefits, the strategic alliance will also offer finance, insurance and warranty products for Volkswagen group customers on the Kuwy platform, a release said.

The acquisition of an equity stake is in line with the India 2.0 strategy of Volkswagen Finance Pvt Ltd (VWFPL), which seeks to offer better value to the consumer, the company said. Following the tie-up which took place on September 3, the Volkswagen Finance now have access to Kuwys pan India network on car financing, it said.

"This association is a step towards the evolution of the consumer journey in the digital space and aimed at offering a simplified and agile solution to our customers. Through this association, Volkswagen Finance will now have access to Kuwys pan India network and technology platforms and share expertise on used car financing," said Aashish Deshpande, managing director and chief executive officer, VWFPL.

The Mumbai-based Volkswagen Finance is owned by Volkswagen Financial Services, which is a wholly-owned subsidiary of Volkswagen AG. "Kuwy uses the three 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, said B Ganesh Kumar, chief executive Kuwy Technology.

"We are confident of delivering comprehensive digital solutions to the VWFPL network and aiming for mutual growth in the digital space," he added..