Bike Bazaar Raises INR 82 Crore From DEG To Close Its Series D Fundraise The new funds raised will be used to penetrate deeper into rural India, in line with the uptick in personal mobility needs
By Teena Jose
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Bike Bazaar, India's fastest-growing two-wheeler life cycle services company, has raised INR 82 crore from DEG, a Germany-based development finance institution and a subsidiary of KfW Group. With this raise, Bike Bazaar closes its Series D round with a total equity raise of INR 250 crore, with DEG joining Women World's Banking Asset Management (WAM), Elevar Equity and Faering Capital at Bike Bazaar. Haitong Securities India is the investment banker and advisor for this round for Bike Bazaar. The new funds raised will be used to penetrate deeper into rural India, in line with the uptick in personal mobility needs. The company will continue to increase its focus on electric mobility in the B2B and B2C space with multiple offerings like finance, lease and rental solutions.
"We at Bike Bazaar are proud to be ushering two-wheeler financing into a new era of hyper-growth and this round is testimony to our performance. Bike Bazaar is doubling down on electric two-wheeler financing by offering unique products including leasing and rental solutions especially for last-mile delivery in the e-commerce and food-delivery industry. We would like to thank DEG and all our other investors for their continued vote of confidence," said Srinivas Kantheti, co-founder and managing director of Bike Bazaar.
Currently, the company is present in more than 140 cities across India with over 1,000 touchpoints. Bike Bazaar's financing business has disbursed over 3,75,000 two-wheeler loans till date and the company had a cumulative disbursement of more than INR 2000 crore as of December 2022. The company is on its way to achieve an AUM of INR 1000 crore by the end of current financial year, claimed by the company in a statement.
"With our financing, we are supporting the growth of a pioneering financial institution so that it can continue to drive financial inclusion amongst underserved demographics, especially females and small medium enterprises. Furthermore, we are specifically excited at the opportunities in the electric mobility space in India, which form a core part of Bike Bazaar´s strategy going forward," said Monika Beck, member of DEG´s management board.
