Bike Bazaar, two wheeler financing company bags $10M to accelerate in rural India. This two-wheeler financing company has raised $10 Mn from DEG, a Germany-based development finance institution. Additionally, DEG is also a subsidiary of KfW Group.
With this raise of $10 Mn, Bike Bazaar closes its series D round of total equity raise of $30 Mn (INR 250 Crore). Furthermore, Bike Bazaar also bagged INR 170 Crore in September last year. The funding round was led by Women World’s Banking Asset Management (WAM). The company’s existing investors, Elevar Equity and Faering Capital, also participated in this fresh round of funding.
The two-wheeler market is growing in India and certainly, India is one of the largest markets in the world. As per the reports, the two-wheeler market stands at an estimated value of around $16 Bn in 2022. Furthermore, the market is projected to reach around the value of $26.6 Bn by 2028.
The company believes in the futuristic rise of two-wheeler vehicles. It predicts a high rise in sales by the end of FY23. Bike Bazaar raises $10 Mn to fulfill the demands of the market and to accelerate its expansion.
The two-wheeler financing company will use the funds to enter deeper into the Indian rural market. Along with this, Bike Bazaar also plans to double down electric mobility financing. Furthermore, the company also aims to diversify its portfolio which will further provide lease and rental solutions.
Bike Bazaar’s Background
Set up in 2017 by Kantheti and Karunakaran Vadakkepat, Bike Bazaar is a marketplace that offers solutions regarding two-wheelers. It works with two ends. First, It functions as a marketplace for preowned two-wheelers and second, it also functions as a two-wheeler financer.
Additionally, the company is also planning to add servicing services for two-wheelers. Currently, Bike Bazaar provides services in more than 140 cities with more than 1200 touch points. UP, Bihar, West Bengal, Rajasthan and MP are some of the states where Bike Bazaar provides its services.
The company has been achieving milestones in its journey. To date, Bike Bazaar has disbursed over 375000 two-wheeler loans with a cumulative 2000 crore. Bike Bazaar looks forward to fulfill the dreams of millions individuals by providing full fledged assistance regarding two wheelers.
Featured Image Credit: Inc42
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