Volkswagen Finance picks up majority stake in KUWY Technology Service
Volkswagen Finance picks up majority stake in KUWY Technology Service
Mumbai, Jan 11: Volkswagen Finance on Monday said it has increased its shareholding in Chennai-based instant lending digital platform, KUWY Technology Service, by picking up a majority stake in the latter.
Volkswagen Finance had earlier in September 2019 picked up 25 per cent stake in KUWY Technology Service Pvt Ltd.
“Volkswagen Finance Pvt Ltd (VWFPL) India has increased its shareholding in KUWY Technology Service Pvt Ltd by picking up a majority equity stake in the company,” Volkswagen Finance said in a release.
“With this acquisition (additional stake), which came into effect on January 5, 2021, Volkswagen Finance Pvt Ltd will grow its new and used-car business through KUWY’s pan-India network on car financing,” it added.
Synopsis
The Volkswagen Group’s financing arm had first bought a 25% equity stake in the latter in September 2019. KUWY Technology is an instant lending platform that digitally connects borrowers to lenders.
Mumbai: Volkswagen Finance India on Monday said that it has acquired a majority stake in automotive
fintech company KUWY Technology for an undisclosed amount to leverage the latter’s network to grow its new and used car financing business.
The Volkswagen Group’s financing arm had first bought a 25% equity stake in the latter in September 2019. KUWY Technology is an instant lending platform that digitally connects borrowers to lenders.
Volkswagen Finance Pvt. Ltd. (VWFPL)India, part of Volkswagen Financial Services, has increased its shareholding in Chennai-based KUWY Technology Service Pvt Ltd. (KWY) by picking up a majority stake in the latter. The company did not disclose the value of the deal and other details. VWFL first picked up a 25 per cent stake in the company in September 2019. KUWY is an instant lending digital platform and through this acquisition Volkswagen Finance Pvt Ltd will grow its new & used car business through KUWY’s pan India network on car financing. The acquisition is also in line with the Volkswagen Group’s - India 2.0 strategy of VWFPL in its quest to offer added value to its consumers through digital channels.