Mahindra Finance, a part of the Mahindra Group, has launched its vehicle leasing and subscription business 'Quiklyz'. The company had announced its plan to venture into the new business back in September 2021, with an aim to facilitate the quicker purchase and easier upgrades for customers and not treat owning a car as a long-term commitment. In fact, the company has also launched a dedicated digital platform for Quiklyz, which will allow customers to select and lease their desired vehicles online. Customers can subscribe to a vehicle for a period of 24, 36, 48, or 60 months, depending on their requirement, for an all-inclusive monthly fee.
Talking about entering the leasing and subscription business, 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".
Quiklyz is a multi-branded vehicle leasing platform, offering a wide range of vehicles from different manufacturers
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 the B2C segment it will target customers with the millennial mindset. In fact, Quiklyz is a multi-branded vehicle leasing platform, offering a wide range of vehicles from different manufacturers. All a customer needs to do is select their designed model, colour and variant, enter personal details, upload a few basic documents and pay the security deposit to confirm your booking. They can get the car delivered to their home.
Also Read: Mahindra Sees Demand Of Subscription Based Ownership Rising Post Lockdown Period
Turra Mohammed, SVP & Business Head - Quiklyz said, "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 the next 3-5 years.
The platform also has electric vehicles like the Tata Nexon EV
Quiklyz will take care of registration, insurance, scheduled and unscheduled maintenance, roadside assistance etc., which will be part of the monthly subscription fee. There will be no down payment, service or maintenance charges, and moreover, the car will come with white number plates and the RC book will be in the individual's name. Customers also do not need to worry about resale, and they can return, extend, buy, or upgrade the vehicle and the end of their tenure. To give you an example the fixed monthly fee for a Tata Tiago XE manual variant in Delhi, with a milage limit of 10,000 km per year, would be around Rs. 11,799 per month. The same for a Mahindra XUV700 would be Rs. 29,099 per month.
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The fixed monthly fee for a Mahindra XUV700, with a milage limit of 10,000 km per year, would be Rs. 29,099 per month.
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. The company is also in discussions with several automotive OEMs and will announce partnerships with them on Leasing and subscription shortly. While for now, the company is focusing on passenger vehicles, in the future, it also aims to add three-wheelers and commercial vehicles to the Quiklyz platform.
