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.
The company, however, did not disclose the quantum of additional stake it acquired.
Incorporated in 2009 in Mumbai, VWFPL, is owned by Germany’s Volkswagen Financial Services AG, which is a wholly-owned unit of auto major Volkswagen AG.
“Our investment in Kuwy is strategic in nature as we intend to make it an important part of our India strategy. With this acquisition, we aim to enhance the synergies with Kuwy Technology and make it the face of VWFPL in India for retail financing business,” said Aashish Deshpande, MD-CEO, Volkswagen Finance Pvt Ltd.
This is a step towards the evolution of the consumer journey in the digital space by offering a simplified solution to customers, Deshpande said, adding, “supporting the multi-brand approach of Kuwy, we are still open to further investors - also under the new additional conditions.”