Tag: forays

Mahindra Finance forays into vehicle leasing, subscription business

Banking & Finance

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Mahindra and Mahindra Financial Services on Thursday announced its entry into the leasing and subscription business. “The new vertical would operate under the brand name Quiklyz,” it said in a statement.

Under the leasing and subscription model, consumers would pay a monthly fee to access the vehicle of their choice across all car brands, at a lower price point compared to regular car ownership.

“Corporate and businesses are also looking for alternate ways to have access to vehicles which can match their requirements without the burden of traditional ownership models,” the company noted in the statement.

Also read: Paytm Money launches wealth and investment advisory marketplace on its platform

Mahindra Finance and Mahindra Group ecosystems would give an edge to Quiklyz with the business utilising all common infrastructure of Mahindra Finance.

Making it convenient for consumers

Ramesh Iyer, Vice-Chairman and Managing Director, Mahindra Finance said, “With Quiklyz, we aim to make the process of ownership convenient for our consumers both for individual and corporate segments alike.”

The company expects that the changing millennial mind-set, asset light business models, car scrappage policy, rapid vehicle launches by automotive OEMs, emergence of EVs and sharply reducing average holding period of new cars will accelerate leasing and subscription.

Also read: Maruti Suzuki launches ‘Suzuki Connect’ for its Arena customers

“A very important set of consumers for our new business will be the millennials who aspire to not only owning a vehicle, but to do so in a hassle-free manner,” said Turra Mohammed, SVP and Head, Leasing and Subscription, Mahindra Finance, adding that for corporates as well, leasing is fast emerging as a viable option both for providing cars to their employees and obtaining vehicles for their business use.

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Fisdom forays into tech-led HNI wealth space

Banking & Finance

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Wealth-tech startup Fisdom on Wednesday announced the launch of its new venture — Fisdom Private Wealth — which will cater to the investment needs of high networth individuals (HNIs).

It has roped in wealth management industry veteran, Abhijit Bhave, as the chief executive officer to head Fisdom Private Wealth, the company said in a statement.

Over two-and-a-half decades across the financial services industry in India, UAE and Vietnam, Bhave has held leadership roles in large global organisations like Deutsche Bank and HSBC.

He has also had stints with Karvy Private Wealth, ICICI Bank and Unit Trust of India in various roles and functions across diverse verticals such as asset management, cash management, corporate and retail banking.

Catering to HNIs

Fisdom said it has entered the technology-led wealth management space to cater to the investment needs of HNIs.

Fisdom Private Wealth will be offering differentiated investment products to its clients — mutual funds, portfolio management schemes (PMS), alternative investment funds (AIFs), unlisted private equity, bonds, FDs, structured products, Insurance as well as international products.

This new arm of Fisdom also plans to launch various other proprietary products in the due course.

Fisdom Private Wealth aims to bridge the gap of underserved HNI markets in the country with a robust tech-platform augmented with dedicated support by experienced wealth managers.

The start-up company has pioneered a unique bank partnership-led wealth management model that provides access to high quality services to customers in tier 2 and tier 3 locations.

Fisdom Private Wealth has started-off its business with 50 people at 10 locations such as Mumbai, Delhi NCR, Lucknow, Chandīgarh, Kolkata, Bangalore, Surat, Pune, Baroda and Bhopal, with an objective of widening its reach to serve HNIs across the country and even overseas.

“With Fisdom Private Wealth, which is one of our major strategic initiatives, we aim to transform the way HNIs experience their wealth management journey. Through our robust and secure technology infrastructure, we endeavour to provide best-in-class wealth management solutions backed by comprehensive research and capabilities,” Subramanya SV, Co-Founder and CEO, Fisdom said.

Bhave said that India is a relatively under-penetrated market for the private wealth segment, especially in tier 2 and 3 cities.

He further said that this scenario gives an opportunity to expand the reach of its technology-led products and services, thereby making Fisdom Private Wealth accessible to the Indian affluent class not only in the untapped domestic markets but also internationally.

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