Mahindra forays into Vehicle Leasing & Subscription business with the launch of ‘Quiklyz’

Mahindra forays into Vehicle Leasing & Subscription business with the launch of ‘Quiklyz’

by 5paisa Research Team Last Updated: Nov 17, 2021, 05:33 PM IST

Quiklyz shall provide vehicle leasing & subscription services for multiple brands, all under one roof.  

Mahindra & Mahindra Financial Services Limited, an NBFC and part of Mahindra Group, announced the launch of a new business under the name ‘Quiklyz’. With this launch, the company has ventured into the Vehicle Leasing & Subscription business and intends to provide great convenience, flexibility and choice to customers across cities.

What services does Quiklyz provide?

Quiklyz provides car usership to customers with which they can access a brand-new car without having to deal with the legalities/formalities of car ownership, such as registration, insurance, scheduled and unscheduled maintenance, roadside assistance etc.

Where can customers avail Quicklyz services?

While the company will start off the business in metro cities like Bengaluru, Chennai, Delhi, Gurugram, Hyderabad, Mumbai, Noida, and Pune, and will expand its footprint to other cities across India, including tier-II cities. This way, the company intends to cover 30 locations over the next year. Moreover, the company is also in talks with several automotive OEMs (Original Equipment Manufacturers) and will announce partnerships with them on leasing and subscription soon.

Which segment will Quicklyz cater to?

The company will provide these services to both corporate (B2B) and retail (B2C) customers. In the B2B segment, the company intends to offer services to corporates and fleet operators. On the other hand, the B2C segment will target customers with a millennial mindset. 

Quiklyz will cover vehicles across all major auto OEMs, and provide customers with a wide range of choices in terms of vehicle models, variants and colours.

At the closing bell, the share price of Mahindra & Mahindra Financial Services Limited stood at Rs 179.25, a decline of 2% from the previous day’s closing price of Rs 182.9 on BSE.

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