Volkswagen Acquires 25% Stake in Kuwy Technology

Volkswagen Acquires 25% Stake in Kuwy Technology
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Volkswagen Finance Pvt Ltd, incorporated in 2009 is a Mumbai based company, which is owned by Germany’s Volkswagen (VW) financial services AG. The Company has confirmed the news of acquiring 25% stake in Kuwy Technology Service Pvt Ltd. Through this strategic alliance, VW Finance will be able to access Kuwy’s Pan-India footprint which will, in turn, consolidate the car financing network in the domestic market. Additionally, VW group customers’ finance, warranty, and insurance products would be available on Kuwy’s platform.

The Company’s CEO and MD, Mr. Aashish Deshpande, said, “At Volkswagen Finance, 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.” He added, “the aim is to offer a simplified and agile solution to the Company’s customer.’’

The collaboration is focused on offering better value to the company’s customers by improving efficiency and decreasing the loan processing time. Under its 2.0 Strategy, The VW group has merged 3 of its entities, namely Volkswagen India Pvt Ltd, Volkswagen Group Sales India Pvt Ltd, and Skoda Auto India Pvt Ltd. It is an attempt to merge all the passenger car entities with a focus to faster decision making with increased efficiency by using existing synergies.

In April 2009, Gurpratap Boparai, the MD of Volkswagen India said, that with this merger of VW, 3 of its entities stated above, intend to combine the managerial and technical expertise. It aims to unlock the true potential of Volkswagen group in the country’s competitive automobile market.

Apart from enabling its customers, instant access to credit and paperless transactions, VW is yet again hitting the headlines by entering into a partnership deal with Minespider, which is an open-source blockchain startup platform. The alliance is to improve the battery-operated sources to be driven by blockchain technology.