Bike Bazaar Marks Final Close Of Series D Round At $30 Mn
Wheels EMI Pvt Ltd, which runs the two-wheeler marketplace Bike Bazaar, has marked the final close of its Series D funding round at $30 million (around Rs 250 crore).
The funding round comprised two tranches. In the first tranche, the startup raised $20.6 million from Women’s World Banking Asset Management and Lending Partners, while in the second, the startup secured $10 million from Deutsche Investitions- und Entwicklungsgesellschaft (DEG).
As per the Pune-based startup, the raised funds will be deployed for geographical expansion and scaling the electric mobility business in the business-to-business and business-to-customer space.
Bike Bazaar | Two Wheeler Lifecycle Services
Founded by Srinivas Kantheti, V Karunakaran and Ratheesh B in 2017, Bike Bazaar is a two-wheeler lifecycle service startup that provides a range of affordable solutions and hassle-free experiences along the two-wheeler lifecycle.
The Pune-based startup offers affordable financing for new and pre-owned two-wheelers and a range of other solutions along the ownership cycle.
Speaking about the development, Srinivas Kantheti, co-founder and managing director at Bike Bazaar, said,
“Bike Bazaar is doubling down on electric two-wheeler financing by offering products including leasing and rental solutions, especially for last-mile delivery in the e-commerce & food-delivery industry.”
The services offered by the startup 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.
As per the startup, it has disbursed 3,75,000 two-wheeler loans to date and made a cumulative disbursement of Rs 2,000 crore as of December 2022. The Pune-based startup aims to achieve Rs 1,000 crore in assets under management (AUM) by the end of the current financial year.
In September 2022, Bike Bazaar 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), which joined existing investors Elevar Equity and Faering Capital.
The Pune-based startup has raised a total of $58.4 million (around Rs 482 crore) in equity funding so far. Earlier, the startup had raised $3.03 million, $12.1 million and $12.7 million in Series A, B and C funding rounds, respectively.
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