India's Volkswagen Finance acquires majority stake in automotive fintech company

India's Volkswagen Finance Private Ltd. has acquired a majority stake in automotive fintech company Kuwy Technology Service Pvt. Ltd. for an undisclosed amount, The Economic Times reported Jan. 11, citing the former's managing director, Aashish Deshpande.

Through the acquisition, Volkswagen Finance aims to utilize the digital lending platform's network to grow its car financing business.

The Volkswagen Financial Services AG unit had initially acquired a 25% stake in Kuwy Technology in September 2019.