Mahindra Finance launches vehicle leasing, subscription business
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Mahindra & Mahindra Financial Services on Wednesday announced the launch of its leasing and subscription business Quiklyz.
“This venture is a new-age digital platform for vehicle leasing and subscription, that aims to provide great convenience, flexibility and choice to customers across cities,” it said in a statement.
It provides a digital journey on car usership with which the customer can access a brand-new car without purchasing it. Quiklyz will take care of registration, insurance, scheduled and unscheduled maintenance, road-side assistance. It will be available for both corporate (B2B) and retail (B2C) customers.
In the initial phase Quiklyz will launch its services in metro cities like Bengaluru, Chennai, Delhi, Gurugram, Hyderabad, Mumbai, Noida and Pune. It will expand to other cities, including tier-II cities, covering 30 locations over the next one year. It is also in discussions with several automotive OEMs.
Ramesh Iyer, Vice-Chairman and Managing Director, Mahindra Finance, said, “We aim to achieve a book size of ₹10,000 crore in a span of three to five years. Leasing is seeing significant traction in the last mile mobility space especially with EVs, something our business module will also focus on.”
Turra Mohammed, SVP and Business Head – Quiklyz, said at present leasing accounts for 10 per cent of corporate registered vehicles. “We expect it to grow to 20-25 per cent share in the next five years. We will leverage Mahindra Group’s extensive network to expand Quiklyz to 30 cities within a year,” he said.
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