Bike Bazaar is a pre-owned two-wheeler financing firm that has completed its Series D round with an equity raise of Rs 250 crore. The company announced it had raised Rs 82 crores from DEG, which is a Germany-based development financing institution. It is a subsidiary of KfW Group and is part of Women World’s Banking Asset Management, Elevar Equity, and Faering Capital.
According to the company, Haitong Securities India was the advisor and investment banker for the round of Bike Bazaar.
Bike Bazaar plans to use the funds to reach deeper into rural India in response to the increase in personal mobility. It stated that the company will continue to focus its efforts on electric mobility in B2B and B2C with multiple options like finance, lease, rental, and leasing solutions.
Srinivas Kantheti is co-founder and MD at Bike Bazaar. He said that the company is at the core of the rapid growth in the two-wheeler financing ecosystem. This includes new, used, and electric two-wheelers in particular tier-II as tier-III markets.
“Bike Bazaar will double down on electric two-wheeler financing by offering unique solutions including leasing and rental solutions. This is especially important for last-mile delivery in e-commerce and the food-delivery sector.” Kantheti said that DEG and all other investors have been a great source of support.
Monika Beck, a member of DEG’s management board, stated, “With our financing, we are supporting the growth a pioneering bank so that it can drive financial inclusion amongst small and underserved populations, particularly females. We are particularly excited about the potential in India’s electric mobility market, which is a key part of Bike Bazaar’s future strategy.”
George Mathew is the CEO and MD of Haitong Securities India. He was the financial advisor to Bike Bazaar. It is also uniquely positioned to support the adoption and use of EVs, which are still in a very early stage in India. This is possible through innovative solutions. The company will be able to expand its operations with the help of this fundraiser.”