The two-wheeler financing platform Bike Bazaar announced that Women’s World Banking Asset Management (WAM), who previously invested alongside Elevar Equity and Faering Capital, has led a Rs 170 crore equity funding round.
The company wants to use the capital to expand both its marketplace business for the sale and acquisition of secondhand two-wheelers as well as its operations in rural India.
Founded by Srinivas, V. Karunakaran and Ratheesh B. in 2017, Bike Bazaar, provides a range of affordable solutions and hassle-free experience along the two wheeler lifecycle. These include financing to purchase new and pre owned two wheelers, access to green bikes, insurance, and a transparent marketplace for buying and selling of preowned two wheelers.
Read also – [Funding alert] Algomage raises $850k in pre-seed funding
“We have started co-lending with other partners. To reduce our dependency on debt, we are entering into the co-lending segment for two-wheeler business. We are also in talks with an NBFC and an old bank for co-lending. We hope 50% of our disbursements will be covered through co-lending. We are also planning for retail financing business and for the EV business, we are getting a lot of investors’ interest,” said Srinivas.
“Women’s World Banking is dedicated to women’s economic empowerment and 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,” said Christina Juhasz, chief investment officer of Women’s World Banking Asset Management.
About Bike Bazaar
Bike Bazaar Finance has emerged as the pioneer in financing pre-owned Two Wheelers and after adding New two-wheeler finance in its product gamut, it has become a two wheeler finance specialist in the country.
Read also – [Funding alert] Silence Laboratories raises $1.7 mn in Seed Funding
The core of Bike Bazaar Finance is on Impact Funding meaning funding such customers in the Customer Pyramid wherein the ownership of a two-wheeler makes an impact in their lives and owning the vehicle is just not about adding convenience.
