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 instant lending digital platform. Through this acquisition, Volkswagen Finance plans grow its new and 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,” the company said in a statement.
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.”