Two-wheeler financing platform Bike Bazaar today announced that it has raised Rs 82 crore ($10 million) in its Series D round from DEG, a Germany-based development finance institution and a subsidiary of KfW Group.
With this fundraise, the Pune-based company has closed its Series D round at around $30 million. It has already raised Rs 170 crore as the first tranche of this round in September last year.
Bike Bazaar aims to utilize the proceeds to expand into rural India, increasing its focus on electric mobility in the B2B & B2C space with multiple offerings like finance, lease, and rental solutions, the company said in a press release.
Led by Srinivas Kantheti and Karunakaran Vadakkepat, Bike Bazaar provides financing for two wheelers, electric two wheelers and pre-owned two wheelers. It offers Direct Collection Model (DCM) for customers and pre-owned two-wheeler financing for urban customers.
Bike Bazaar is present in over 140 cities across India with more than 1,000 touch points across UP, Bihar, MP, Rajasthan, and West Bengal. Its financing business has disbursed more than 3,75,000 two-wheeler loans to date and the company had a cumulative disbursement of over Rs 2000 crore as of December 2022. During September-December 2022, Bike Bazaar claims to have disbursed Rs 350 crore in two-wheeler financing, a year-on-year growth of 44% over September-December 2021.
Bike Bazaar has raised a total funding of Rs 482 crore from World Banking Asset Management, Elevar Equity, Faering Capital, and others. The firm is focusing on the electric mobility space and is eyeing both B2C & B2B segments offering easy financing, leasing & rental solutions. The company is also planning to launch pilots in E-rickshaw and EV-cargo segments.
The company’s revenue from operations grew 76.5% to Rs 149.72 crore during FY22 as compared to Rs 84.84 crore in FY21. As per its annual financial statement with the RoC, losses of the company surged only 17.6% to Rs 55.3 crore in FY22 against Rs 47 crore in FY21.
Bike Bazaar competes with Droom and CredR.
