Pune-based Bike Bazaar, a two-wheeler services startup, has raised Rs 170 crore ($21.3 million) in a Series D funding round led by Women’s World Banking Asset Management (WAM), with participation from existing investors Elevar Equity and Faering Capital.
The startup will use the raised capital to penetrate deeper into rural India as the need for personal mobility rises (especially among women) and also scale its marketplace business for selling used two-wheelers.
Founded in 2017 by former Bajaj Auto executive Srinivas Kantheti and former Bajaj Finance executive Karunakaran Vadakkepat, Bike Bazaar provides several affordable solutions, including two-wheeler lifecycle services — accessible and affordable financing for new and pre-owned vehicles, including EVs.
The platform also offers a marketplace for trading and leasing pre-owned two-wheelers, insurance, and servicing. It claims to have disbursed 3,00,000+ two-wheeler loans and had a cumulative GTV of Rs 1,500+ crore as of July 2022.
The startup also offers financing for second-hand bikes in India, with 20% of its disbursals going to second-hand buyers, it said.
“With a founding team that has spent a significant time understanding rural and semi-urban two-wheeler customers, Bike Bazaar has always been about creating customer-centric offerings. Today, we have significant momentum with our unique Direct Collection Model (DCM), reaching 1,000+ touchpoints across 140+ Indian cities. We also have one of the industry’s best GNPA scores and are bullish to scale,” said Srinivas Kantheti.
Speaking on the investment, Christina Juhasz, CIO of WAM, said, “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.”
Source @Indianstartupnews
