Mahindra Finance enters new age Vehicle Leasing and subscription business under ‘Quiklyz’ brand
Chandigarh, November 17, 2021: Mahindra & Mahindra Financial Services Limited (Mahindra Finance/ MMFSL), part of the diversified Mahindra Group, today announced the official 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. Mahindra Finance sees this as a great 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.
Quiklyz is the first-of-its-kind digital journey on car usership with which the customer can access a brand-new car without all the hassles of car ownership. Quiklyz will take care of registration, insurance, scheduled and unscheduled maintenance, road-side assistance etc.
In the initial phase Quiklyz will launch its services in metro cities like Bengaluru, Chennai, Delhi, Gurugram, Hyderabad, Mumbai, Noida, Pune, and will further expand it to other cities across India, including tier II cities, covering 30 locations over the next one year. Quiklyz is also in discussions with several automotive OEMs and will announce partnerships with them on Leasing and subscription shortly.
Quiklyz will be available for both corporate (B2B) and retail (B2C) customers. Under the B2B segment, the company aims to offer services to corporates and fleet operators, while in B2C segment it will target customers with millennial mindset. It will cover vehicles across all major auto OEMs, with wide range of choice in terms of vehicle models, variants and colors.
Speaking on the new business launch, Ramesh Iyer, Vice-Chairman & Managing Director, Mahindra Finance said, “Car leasing and subscription is a lucrative and fast-growing business in India. We aim to achieve a book size of Rs 10,000 crore in a span of 3-5 years. Leasing is seeing significant traction in the last mile mobility space especially with EVs, something our business module will also focus on. With leasing being a relatively new concept for Indian retail consumer, we wanted Mahindra Finance to be at the forefront of this module facilitating millennials and new age corporates alike for hassle free ownership of vehicle”.