Bike Bazaar raises Rs 170 Cr in funding led by Women’s World Banking Asset Management
- ByStartupStory | September 1, 2022
The two-wheeler financing platform Bike Bazaar has raised Rs 170 crore ($21.3 million) in a new funding round headed by Women’s World Banking Asset Management (WAM). Elevar Equity and Faering Capital, both existing investors, also participated in the round. According to the company’s regulatory filings with the Registrar of Companies, Women’s World Banking Asset Management (WAM) led the round with Rs 75 crore, while Light Travels and Elevar Equity contributed Rs 60 crore and Rs 4 crore, respectively (ROC).
AMP Fitness, ECO Power, and others have invested a total of Rs 31 crore. Bike Bazaar, founded in 2017 by Srinivas Kantheti and Karunakaran Vadakkepat, offers finance to customers wishing to purchase a two-wheeler. According to the platform’s website, the company has financed over 300,000 old two-wheelers and electric two-wheelers to date.
Bike Bazaar, in addition to financing, includes a marketplace for selling and purchasing two-wheelers. According to documents, the company intends to use the new money to build this marketplace and increase its presence in rural communities. To date, the company has raised Rs 400 crore ($50 million). According to estimates, the corporation is worth roughly $90 million.
The latest capital comes months after reports that WheelsEMI, the parent company, was aiming to raise $35-$40 million in a series C round to expand its finance-focused model into the market. To promote a bigger portfolio, the company changed itself from WheelsEMI to Bike Bazaar. Bike Bazaar intends to enter India’s thriving used two-wheeler sector. Startups such as Cars24, Droom, and CredR are already in the market.
Bike Bazaar is yet to file its financial statement for FY22, but according to its annual financial statement filed with the RoC, its income from operations increased 66% to Rs 84.4 crore in FY21. Meanwhile, in the fiscal year ending March 20, 2021, its losses increased by 22% to Rs 47 crore.
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