Bike Bazaar

Key Highlights:

  • Online two-wheeler marketplace Bike Bazaar has raised $52.8 Mn funding.
  • Bike Bazaar plans to penetrate deeper into rural cities of India and also, scale its new vertical of selling and purchasing used two-wheelers with these fundings.
  • It competes with companies such as CWC, AutoMony, OTO Capital, and Berar Finance in the financing market.

Online two-wheeler marketplace Bike Bazaar has raised $52.8 Mn in its ongoing Series D funding round.

On this equity and debt funding, $21.4 Mn has been raised as equity funding from Women’s World Banking Asset Management (WAM) and the remaining $31.4 Mn (INR 250 Cr) as debt funding from several banks as well as financial institutions in the past six months.

It was founded in 2017 by Srinivas Kantheti and Karunakaran Vadakkepat, WheelEMI is the parent company of the online two-wheeler marketplace Bike Bazaar. It offers to buy and selling of used two-wheelers and financing services for new and used two-wheelers.

With these findings, Bike Bazaar plans to penetrate deeper into rural cities of India and also, scale its new vertical of selling and purchasing used two-wheelers.

Before closing the Series D round it plans to discuss with investors to raise another INR 80 Cr as equity funding. Even besides raising funds for its financing, leasing, and services business, the startup is in talks with electric vehicle-focused funds.

Bike Bazaar claims that it has provided 400 crores of equity funding so far through its current equity fundraising.

The CIO of WAM, Christina Juhasz said “Bike Bazaar is investing in WAM because of its demonstrated potential to provide affordable and accessible two-wheeler financing to financially underserved women in India. Across India, Bike Bazaar has focused on increasing women ridership, especially in tier 2 and tier 3 towns and villages.”

The MD of Bike Bazaar Srinivas Kantheti said “Having reached 1000+ touchpoints through our direct collection model, we have significant momentum today; Our GNPA score is one of the best in the industry, and we plan to scale quickly. With the recent fundraiser, we are trying to cement our position as a two-wheeler lifecycle services provider.”

Bike Bazaar claims to have over 1000 touchpoints across 140 Indian cities. In addition, the company asserts that it has disbursed more than 3 lakh two-wheeler loans and generated over INR 1,500 Cr in gross transaction value (GTV) so far.

It competes with companies such as CWC, AutoMony, OTO Capital, and Berar Finance in the financing market.

As per the report, the Indian fintech sector is expected to reach $1.3 Tn by 2025.

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