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MUMBAI : Mahindra and Mahindra Financial Services Ltd on Wednesday launched its leasing and subscription business Quiklyz.

The venture is a digital platform for vehicle leasing and subscription, that aims to provide convenience, flexibility and choice to customers across cities, the company said. 

Mahindra Finance said it 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. ," it said.

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 also in discussions with several automotive OEMs and will announce partnerships with them on leasing and subscription shortly, Mahindra Finance said in its statement.

Quiklyz will be available for both corporate and retail customers.

Ramesh Iyer, vice-chairman and 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 10,000 crore in a span of three-five years. Leasing is seeing significant traction in the last mile mobility space especially with EVs, something our business module will also focus on."

Raul Rebello, chief operating officer, Mahindra Finance said the leasing and subscription module in India is currently at a nascent stage and Mahindra Finance would be a pioneer in this segment.

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