A website called Bike Bazaar which helps people finance and buy two-wheelers has borrowed Rs 25 crore, which is about $3 million, from MAS Financial. This is based in Pune company’s first debt round in 2024.
Bike Bazaar’s board has decided to sell 2,500 NCDs (non-convertible debentures) at a price of Rs 1.00 lakh each in order to raise Rs 25 crore.
The debt investment has a term of 30 months and an interest rate of 10.70% per year, according to the papers.
Up to now, Bike Bazaar has raised about $80 million. The most recent round, which was led by Women’s World Banking Asset Management (WAM) and closed in February of last year, raised $30 million.
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Bike Bazaar provides financing services to customers looking to buy a two-wheeler. The platform also facilitates loans for used two-wheelers and electric two-wheelers and as per its website, the company has financed over 300,000 vehicles to date.
Bike Bazaar also has a place where people can buy and sell two-wheelers. The business will use the extra money to grow this market and make its position known in rural areas as well.
About Bike Bazaar
Founded in 2017 by Srinivas Kantheti, Bike Bazaar provides a range of affordable solutions and hassle-free experiences along the two-wheeler lifecycle.
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