Bike Bazaar, a Pune-based two-wheeler services startup, has raised Rs 170 crore as part of its ongoing Series D funding round from a consortium led by Women’s World Banking Asset Management (WAM), who joined existing investors Elevar Equity and Faering Capital.

The two-wheeler services startup is also in advance discussions with global investors for raising a further Rs 80 crore, taking the total Series D equity round to Rs 250 crore.

As per the startup, the raised funds will be used to penetrate deeper into rural India as the need for personal mobility rises (especially among women) and also scale its marketplace business for selling used two-wheelers.

Bike Bazaar | Two-wheeler Services Startup

Founded by Srinivas Kantheti and Karunakaran Vadakkepat in 2017, Bike Bazaar caters to the utility two wheeler-segment and provides a range of affordable solutions and hassle-free experience along the two-wheeler lifecycle. These include financing to purchase new and pre-owned two-wheelers, access to green bikes, insurance, and a transparent marketplace for buying and selling preowned two-wheelers.

Nearly 70% of Bike Bazaar’s customers are first-time borrowers from rural or semi-urban regions. 

Bike Bazaar also offers financing for second-hand bikes in India, with 20% of its disbursals going to second-hand buyers.

As per the Pune-based startup, its financing business has disbursed 3,00,000+ two-wheeler loans, and as of July 2022, it had a cumulative GTV of Rs 1,500+ crore. 

Commenting on the development, Christina Juhasz, CIO of WAM, said,

“Women’s World Banking is dedicated to women’s economic empowerment, and WAM is investing in Bike Bazaar’s demonstrated potential to provide accessible and affordable two-wheeler finance to financially underserved women in India, simultaneously enabling their mobility and developing their asset bases and credit profiles. We are inspired by Bike Bazaar’s clear focus on increasing women ridership, especially in Tier II and III towns and villages across India.”

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