Volkswagen Finance has increased its shareholding in KUWY Technology Service by picking up a majority equity stake in the latter.
This comes in succession to the first 25 per cent equity stake investment, from September 2019.
KUWY Technology is a leading instant lending digital platform and through this acquisition, which came into effect on January 5, Volkswagen Finance will grow its new and used car business through KUWY’s pan-India network on car financing, said a press release.
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.
Mr. Aashish Deshpande, MD and CEO of Volkswagen Finance Pvt. Ltd, said, “Our investment in KUWY is strategic in nature as we intend to make KUWY an important part of our India strategy. With this acquisition, we aim to enhance the synergies with KUWY Technology and make KUWY the face of VWFPL in India for retail financing business.”
