Bike Bazaar raises $10M from DEG
A platform for buying and selling two-wheeled vehicles called Bike Bazaar has received $10 million from DEG, a development financing organisation with its headquarters in Germany.
After this fundraising, Bike Bazaar completed its Series D round of investment, raising a total of $30 million. In the Series D round, additional investors included Women World’s Banking Asset Management (WAM), Elevar Equity, and Faering Capital.
Bike Bazaar, a business-to-business (B2B) and business-to-consumer (B2C) platform founded in 2017 by Srinivas Kantheti and Karunakaran Vadakkepat, will use this capital to expand its reach in the rural market and sharpen its focus on electric mobility with a variety of offerings including finance, lease, and rental solutions.
“Bike Bazaar is at the very core of the exponential growth in the two-wheeler financing ecosystem, encompassing used, new and electric two-wheelers, especially in Tier-II and III markets,” said Srinivas Kantheti, Co founder and Managing Director, Bike Bazaar.
The company has more than 1,000 touchpoints and is present in more than 140 locations. This company states that as of December 2022, it had given a total of Rs 2,000 crore over more than 3.75 two-wheeler loans. By the end of the current fiscal year, it hopes to have assets under control of Rs 1,000 crore.
“With our financing, we are supporting the growth of a pioneering financial institution so that it can continue to drive financial inclusion amongst underserved demographics, especially females and small medium enterprises,” Monika Beck, member of DEG’s management board, said.
The two-wheeler market is anticipated to surpass sales of 1.7 crore units in FY23, according to Bike Bazaar. A significant portion of the 20% increase over the first nine months of the fiscal year came from Tier II and higher markets. The business is also starting pilot programmes for the freight and electric three-wheeler markets.
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