Mahindra & Mahindra Financial Services Ltd. (Mahindra Finance) has officially introduced its leasing and subscription business under the brand ‘Quiklyz.’
“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,” the company said.
“The brand will take care of registration, insurance, scheduled and unscheduled maintenance, road-side assistance.”
In the initial phase this service will be rolled out 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.
This service 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, it said.
Ramesh Iyer, vice-chairman and MD, said, “Car leasing and subscription is a lucrative and fast-growing business in India. We aim to achieve a book size of ₹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,” he said.
