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Bike Bazaar, a two-wheeler financing firm, raised ₹170 crore in equity funding on Thursday. The fresh capital is part of its ongoing Series D fundraise, and is secured from a consortium led by Women's World Banking Asset Management (WAM), joining existing equity investors Elevar Equity and Faering Capital. Through this latest funding, the company plans a deeper penetration into rural markets and to further enhance marketplace business for the sale and purchase of 2-wheelers.
With the latest capital infusion, Bike Bazaar has raised approximately ₹400 crore in equity funding since its inception. The company was founded in 2017.
In the last six months, Bike Bazaar has raised around ₹250 crore in debt financing from various banks and financial institutions.
Srinivas Kantheti, MD of Bike Bazaar said, "The Series D fundraise is primarily focused on cementing our position as a lifecycle services player in the two-wheeler segment," as reported by PTI.
Bike Bazaar is in motion to raise further capital. It is in advanced discussion with leading global investors to further raise ₹80 crore -- totaling the total Series D equity to around ₹250 crore.
Also, the company is said to be in talks with global electric vehicle focussed funds to raise about ₹200 - 250 crore for its two-wheeler EV financing, leasing, and services business.
For the Series D fundraise, Haitong India is acting as an exclusive advisor to the company.
Currently, Elevar continues to stay the largest stakeholder in the company.
Bike Bazaar is India's fastest growing two-wheeler life cycle company where a customer can buy, sell, exchange any two wheeler or avail finance for your vehicle.
It aims to provide a range of affordable solutions and hassle-free experiences 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.
The company's proposition is founded on the principle of vehicle lifecycle management. The company plans to serve customers at various points of the vehicle lifecycle and build a long term relationships by offering multiple services. It has built a strong foundation through its lending business that addresses both used and new two-wheelers. This foundation has helped the company build traction amongst its customer base.