Two-wheeler financing startup Bike Bazaar has raised ₹170 crore equity funding as part of its ongoing Series D raise from a consortium led by Women’s World Banking Asset Management (WAM).

WAM joins existing equity investors Elevar Equity and Faering Capital. The company intends to use the funds to penetrate deeper into rural India and scale up its used two-wheeler business. 

The startup said it is in advanced discussions with global investors for a further raise of ₹80 crore, taking the total Series D equity round to ₹250 crore. Since inception, the company has raised ₹400 crore in equity funding. 

V Karunakaran, Co-founder, and Joint MD, Bike Bazaar, told BusinessLine, “The funding will be deployed across our four business verticals — used and new two-wheeler financing, EVs, and buying and selling of pre-owned two-wheeler. Additionally, a significant amount will be invested in technology as well.” For the next financial year, the company aims to disburse over 6 lakh vehicle loans. The current ₹700-crore asset under management is expected to grow to ₹1,100 crore by next year, he added. 

Currently, the company is present in over 140 cities across India, with over 1,000 touchpoints. Bike Bazaar’s financing business has disbursed over 3 lakh two-wheeler loans and had a cumulative gross transaction value of over ₹1,500 crore as of July 2022.

Srinivas Kantheti, MD of Bike Bazaar, said, “Bike Bazaar, at its core, has always been about creating customer-centric offerings. Today we have significant momentum to show with our unique direct collection model (DCM). We are bullish to scale.” 

Bike Bazaar services include leasing,  insurance, and servicing.