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.
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