The funds will be used to expand the company’s operations in rural India as well as to test the market for the sale and acquisition of old two-wheelers.
Highlights –
- Bike Bazaar, a two-wheeler-supporting startup, said that it has raised Rs 170 crore in equity capital headed by Women’s World Banking Asset Management.
- Due to the breakdown of support in the broader incipiency ecosystem, major adventure capital investors are shifting to the EV incipiency market.
- WAM is supported by the Federal Ministry of Economic Cooperation and Development of the German government and the European Union.
Initiation of two-wheeler backing Bike Bazaar said that it has secured Rs 170 crore in equity funding led by Women’s World Banking Asset Management (WAM), with equity investors Elevar Equity and Faering Capital also participating.
Elevar was an early investor in Bike Bazaar and still owns the majority of the company.
The funds will be used to expand the company’s operations in rural India, as well as to test the market for the sale and acquisition of old two-wheelers.
Bike Bazaar was founded in 2017 by former Bajaj Auto NSE-0.24 superintendent Srinivas Kantheti and former Bajaj Finance NSE-0.06 superintendent Karunakaran Vadakkepat as a used two-wheeler backing business.
It now has several businesses within the two-wheeler member including new two-wheeler backing, and a business for pre-owned two-wheelers.
A new electric vehicle backing business, in addition to new services like leasing and insurance. It will also include service, according to authorities.
Before beginning, the pens worked for decades in the machine and affiliated support diligence.
Vadakkepat described for Bike Bazaar
“We aim to be present throughout the whole lifetime of the two-wheeler,” Vadakkepat explained.”
As an illustration, someone intending to buy a two-wheeler may ask to replace his former two-wheeler.
He can make use of both our backing and reselling services.
We should be suitable to vend that old machine through our company or other pre-owned deals channels.
We aim to give value-added services like RTO transfers, insurance, and so on, and we also want to add services in the future.”
We want one establishment to feed on the other so that we can reduce costs.”
He stated that the firm is in the process of raising another Rs 80 crore and that it is also in the early stages of negotiating with a worldwide investor to finance a Rs 200-250 crore funding round exclusively for its EV business.
On August 19, major adventure capital investors are moving to the EV incipiency market since support in the wider incipiency ecosystem has broken down.
Vadakkepat stated that the company is currently seeking out how to arrange itself to handle the EV funding.
Bike Bazaar asserts
Bike Bazaar claims to have a substantial presence in smaller municipalities and to have over 1,000 touchpoints in more than 140 metropolises across India.
To date, its lending company has grown beyond two-wheeler loans, and as of July 2022, it has done transactions with an accretive gross selling value of more than Rs 1,500 crore.
Since its inception, the firm has attracted Rs 400 crore in equity funding.
“Women’s World Banking is committed to women’s profitable commission, and WAM is investing in Bike Bazaar’s demonstrated implicit to give accessible and affordable two-wheeler finance to financially underserved women in India, enabling their mobility while also developing their asset bases and credit biographies,” said Christina Juhasz, a principal investment officer of Women’s World Banking Asset Management.
WAM is supported by the Federal Ministry of Economic Cooperation and Development of the German government and the European Union.
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