Mahindra Finance enters new age Vehicle Leasing & Subscription business under ‘Quiklyz’ brand
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 isa 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 alsoin 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”.
Raul Rebello, Chief Operating Officer, Mahindra Finance mentioned, “The leasing and subscription module in India is currently at a nascent stage and we at Mahindra Finance would
be pioneer 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’m confident that our customers, individuals and corporates alike would be very encouraged with our customized and unique packages on offer”.
Turra Mohammed, SVP & Business Head – Quiklyz said, “The customers are looking at flexibility in vehicle ownership and with Quiklyz we will provide convenient way of owing a vehicle. Leasing currently accounts for 10% of corporate registered vehicles; and we expect it to grow to 20-25% share in the next 5 yrs. In the Retail – B2C segment, subscription could account for 3-5% of car sales in next 3-5 years. We will leverage Mahindra Group’s extensive network to expand Quiklyz to 30 cities within a year”.
Quiklyz will leverage Mahindra Finance’s expertise as India’s Leading NBFC as well as #1 NBFC in Car Financing driven by a passionate base of 7.3 million customers as well as an extensive reach of 1,380+ branches pan India.
The Quiklyz value proposition will offer the individual multi-faceted benefits including:
- Zero Down Payment and lower monthly outflow vs. Loan
- No uncertainty on vehicle maintenance costs, resale price etc. with a fixed monthly fee
- White number plate & RC book in individual’s name
- No resale or maintenance hassles
- Wide range of options for customer at end of tenure – Return/Extend/Buy/Upgrade.