Bike Bazaar raises Rs 170 crore funding for deeper rural penetration | The Financial Express

Bike Bazaar raises Rs 170 crore funding for deeper rural penetration

The company has raised over Rs 400 crore in equity funding since its inception in 2017.

Bike Bazaar raises Rs 170 crore funding for deeper rural penetration

Delhi-based two-wheeler financing firm Bike Bazaar has raised Rs 170 crore of equity funding aimed at deeper penetration in rural India and scaling its marketplace business for sale and purchase of used two wheelers. 

The Pune-based company secured the funding from a consortium led by Women’s World Banking Asset Management, which joined existing equity investors Elevar Equity, its largest stakeholder, and Faering Capital, said Bike Bazaar.

Bike Bazaar has raised debt financing of over Rs 250 crore from various banks and financial institutions in the last six months. Also, it has raised over Rs 400 crore in equity funding since its inception in 2017. 

Srinivas Kantheti, MD, Bike Bazaar said, “The series D fundraise is primarily focused on cementing our position as a lifecycle services player in the two wheeler segment. We are thrilled to have Women’s World Banking Asset Management as an investor in our company. With a clear mandate of women empowerment, WAM will assist Bike Bazaar in its journey of getting more and more Women on Wheels (WOW)”.

Today we have significant momentum to show, having reached more than 1000 touchpoints, he added.

Christina Juhasz, CIO, WAM said, “WAM is investing in Bike Bazaar’s demonstrated potential to provide accessible and affordable two wheeler finance to financially underserved women in India, simultaneously enabling their mobility and developing their asset bases and credit profiles.”

Bike Bazaar, in a statement, said that it combines an integrated technology platform with an understanding of the two wheeler lifecycle, rural and pre-owned industry. About 70 per cent of its customers are first time borrowers and come from rural/semi-urban markets, the statement added.

The company said that it is also in conversations with global EV (Electric vehicle) focussed funds to raise Rs 200 – 250 crore for its two wheeler EV financing, leasing and services business.

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First published on: 01-09-2022 at 17:21 IST