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Mahindra Finance enters new age Vehicle Leasing & Subscription business under ‘Quiklyz’ brand

Mahindra Finance announced the official launch of its leasing and subscription business ‘Quiklyz’, a new-age digital platform that aims to provide great convenience, flexibility and choice to retail and corporate customers across cities. Set to leverage cross-functional benefits of the diversified Mahindra Group, Quiklyz is an excellent opportunity to create value for its stakeholders with a profitable business model and build a strong balance sheet out of emerging opportunities in this adjacent business vertical.

Ramesh Iyer, Vice-Chairman and Managing Director, Mahindra Finance, elaborates, “Leasing is seeing significant traction in the last mile mobility space especially with EVs, something our business model will also focus on. With leasing being a relatively new concept for Indian retail consumers, we wanted Mahindra Finance to be at the forefront of this module, facilitating millennials and new age corporates alike for hassle-free ownership of vehicles.”

Quiklyz will provide multi-brand vehicle leasing and subscription under one roof and take care of registration, insurance, scheduled and unscheduled maintenance, roadside assistance etc. Initially launching its services in metro cities like Bengaluru, Chennai, Delhi, Gurugram, Hyderabad, Mumbai, Noida and Pune, the business will further expand to other cities, including tier II, aiming to cover 30 locations over the next year and a book size of INR 10,000 crore in three to five years.

Speaking about the leasing and subscription module in India, Raul Rebello, Chief Operating Officer – Core Business, Mahindra Finance, says, “It is currently at a nascent stage and we at Mahindra Finance would be pioneers in this segment. Coupled with the multi-faceted advantages accruing from the Mahindra Group companies, our spread and reach pan India would be an advantage as we expand our coverage. I am confident that our customers, individuals and corporates alike would be very encouraged with our customised and unique packages on offer.”

The new business will leverage Mahindra Finance’s expertise as India’s leading NBFC (Non-Banking Financial Company) as well as number one NBFC in car financing driven by a passionate base of over 7.5 million customers and an extensive reach of 1,380+ branches pan India. Under the B2B segment, Quiklyz aims to offer services to corporates and fleet operators, while in B2C, it will target customers with a millennial mindset. It will cover vehicles across all major auto OEMs (original equipment manufacturer), with a wide range of choices in terms of vehicle models, variants and colours. The company is in discussions with several automotive OEMs and will soon announce partnerships with them on leasing and subscriptions as well.

“The customers are looking at flexibility in vehicle ownership, and with Quiklyz, we will provide a convenient way of owning a vehicle. Leasing currently accounts for 10 per cent of corporate registered vehicles, and we expect it to grow to a 20-25 per cent share in the next five years. In the retail – B2C segment, subscription could account for three to five per cent of car sales in the next three to five years,” predicts Turra Mohammed, SVP and Business Head – Quiklyz.

Customers can book their dream vehicle on Quiklyz.com. The website will facilitate an extremely simple vehicle booking and delivery journey for the customer. Additionally, customers can reach out to Quiklyz over email at [email protected] or call at 1800-209-7845.

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