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Bike Bazaar, a two-wheeler life cycle services company, has raised $ 10 million from DEG, a Germany-based development finance institution and a subsidiary of KfW Group.
With this raise, Bike Bazaar closes its Series D round with a total equity raise of $30 million, with DEG joining Women World’s Banking Asset Management (WAM), Elevar Equity and Faering Capital at Bike Bazaar.
The new funds will be used to penetrate deeper into rural India, in line with the uptick in personal mobility needs. The company will continue to increase its focus on electric mobility in the B2B and B2C space with multiple offerings like finance, lease and rental solutions, it said.
Srinivas Kantheti, co-founder and Managing Director of Bike Bazaar said, “Bike Bazaar is doubling down on Electric Two-wheeler financing by offering unique products including leasing and rental solutions especially for last-mile delivery in the e-commerce and food-delivery industry. We would like to thank DEG and all our other investors for their continued vote of confidence.”
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, he added.
As per Bike Bazaar’s market outlook for the two-wheeler industry, the sales are expected to cross 1.7 crore units in the financial year 2022-23. The industry has registered a growth of 20 per cent in the first three quarters over the last year, predominantly driven by the Tier II & III markets.
Monika Beck, member of DEG´s management board said, “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.”
Currently the company is present in over 140 cities across India with over 1,000 touchpoints. Bike Bazaar’s financing business has disbursed more than 3,75,000 two-wheeler loans till date and the company had a cumulative disbursement of Rs 2000 crore as of December 2022.
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