Daimler Financial Services has entered the Indian market with headquarters in Chennai. The new company is operating under the name of  Daimler Financial Services India Pvt. Ltd. The mother company has invested around 50 million US dollars in the start-up, and the new entity is offering financial and insurance services for clients and dealers. The company has set itself a target of 500 million dollars of business within 5 years. Daimler Financial Services India head Klaus Entenmann points out that 40% of all Mercedes-Benz passenger cars worldwide, and a quarter of commercial vehicles, are financed or leased through DFS. The intention is to replicate this performance in India.