Mahindra Finance unveils vehicle leasing platform

Hyderabad: Mahindra & Mahindra Financial Services has launched Quiklyz, a new-age digital platform for vehicle leasing and subscription. The new service aims to provide great convenience, flexibility and choice to customers across cities.

Ramesh Iyer, vice-chairman & MD, Mahindra Finance, said: "Car leasing and subscription is a lucrative and fast-growing business in India. We aim to achieve a book size of Rs10,000 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."

With an estimation to achieve book size of Rs10,000 crore in a span of 3-5 years, the company sees this as 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.

In Quiklyz, lease-based vehicle subscription business, customers can access the digital journey of car usership without all the hassles of car ownership. The functionalities of the platform are: It will take care of registration, insurance, scheduled and unscheduled maintenance, road-side assistance , 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 and RC book in individual's name, no resale or maintenance hassles.

It will be unveiled in metro cities like Bengaluru, Chennai, Delhi, Gurugram, Hyderabad, Mumbai, Noida, Pune and 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.